S. 147 : Reassessment-Reasons for reopening was communicated to assessee –No objections made by assessee-AO assumed valid jurisdiction-Reassessment is held to be valid. [S. 148, 151]
S. 147 : Reassessment-Reasons for reopening was communicated to assessee –No objections made by assessee-AO assumed valid jurisdiction-Reassessment is held to be valid. [S. 148, 151]
S. 145 : Method of accounting-Estimation of income-Accounts of assessee were subject to statutory as well as tax audit–Accounts not rejected-Addition made on estimate basis was deleted.
S. 145: Method of accounting De-reorganisation was done for default on part of customers; thus, change in method of account was on account of proper reasons, AO was not justified in rejecting the books without finding any fault with such change.
S. 145 : Method of accounting–Inclusive method–There is no need to credit separately made on account of excise duty to the profit and loss account.
S. 145 : Method of accounting–Percentage completion method– Corresponding expenditure incurred in relation to unbilled sales–Sales include sub contract charges-Provision to be made–Rule of constancy to be followed.
S. 145 : Method of accounting-Works contract tax(TDS)-When sale is offered corresponding amount of works contract is allowable as deduction. [S. 37(1)]
S. 143(3) : Assessment-Unaccounted sales–Addition can be made only after the consideration of purchases and ancillary expenses-Addition is restricted to only profit margin.
S. 143(3) : Assessment–Ad hoc addition-No understatement by assessee-Addition on ad hoc basis at 50% is held to be not sustainable.
S. 133A : Power of survey-unaccounted receivables–Surrender of income Deemed income-Categorization/characterization of income surrendered-business income-Set off of losses was to be allowed [S. 69A 69B]
S. 133A : Power of survey-Undisclosed income-Loose papers-Bona fide mistake by director in surrendering income-Set off of expenditure is allowable. [S. 115BBE]