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Rejection of books of accounts merely for inconsistent GP ratio is bad in law: HC

July 25, 2014 1005 Views 0 comment Print

The Hon’ble Himachal Pradesh High Court in the case of CIT vs. Swastik Foods held that the rejection of basis by merely expressing a doubt about the correctness of profit declared taking inconsistent GP ratio as basis cannot be a said to be rejection of books for incompleteness or incorrectness.

Execution of outsourced transportation work by third parties without assistance of outsourcer is sub-contract liable to TDS

June 25, 2014 1505 Views 0 comment Print

Himachal Pradesh High Court in the case of M/s Palam Gas Service Vs. CIT held that execution of outsourced transportation work without any assistance from the outsourcer is a clear case of sub-contracting making the person outsourcing his contract liable to deduct tax on the payments made to sub-contractors u/s 194C.

Reversal of excess provision for doubtful debts deductible in book profit calculation

May 24, 2014 12931 Views 0 comment Print

High Court in the case of CIT vs. M/s Himachal Pradesh State Industrial Development Corporation Ltd. held that the excess provision for bad and doubtful debts written back by way of credit to Profit and Loss A/c is deductible while arriving at the book profits.

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