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DATE: August 12, 2015 (Date of pronouncement)
DATE: August 13, 2015 (Date of publication)
AY: 2010-11
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CITATION:
S. 144: If books are rejected and Gross Profit rate is estimated, separate disallowance of expenses cannot be made

When such an estimate is made it is in substitution of the income that is to be computed under s. 29. In other words, all the deductions which are referred to under s. 29 are deemed to have been taken into account while making such an estimate. This will also that the embargo placed in s. 40 also taken into account

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 19, 2014 (Date of publication)
AY: 2005-06
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CITATION:
Disallowance u/s 184(5) of interest, salary etc paid by a firm to partners cannot be made if the Best Judgement assessment u/s 144 is due to incompleteness of accounts & not due to failures referred to in s. 144

The Tribunal had to consider whether disallowances for payments in respect of remuneration and interest on capital paid to the partners, in computation of taxable income of the firm, can be made under section 184(5) when even though assessment is …

M/s Vijay Veer Singh vs. ITO (ITAT Agra) Read More »