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Books of accounts cannot be treated as defective without pointing out the defects
Case Law Details
- Case Name
- ITO Vs M/s Royal Health Care Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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The first issue relates to rejection of books of account and estimation of profit. The assessee is a private limited company and it has got its account audited under the provisions of Companies Act, 1956. The assessee has stated that it was following cash system of accounting. However the AO took the view that the assessee, being a private limited company, is required to follow mercantile system of accounting in accordance with Companies Act. Since the assessee had followed cash system of accounting and since the same is against the mandate of provision of Companies Act, the AO took the view t...
Presumptions of AOs seem to be grounded that all tax payers are fraudulent and AO is only highly ethical and when he presumes all tax payers are cheating government and thus that something is fishy presumption surfaces by his mental paroniacal standards, and he proceeds to go by his own weird accounting analysis,God save the Nation!