21 March 2014
Dear Sir, in the case of mechnical and labour supply contract business when gross work receipts was exceed to 1 cr. and books of account are rejected by the Income Tax assessing Officer. He applied N.P. rate 8% and after that he added 1500000/- also in U/s 37 (i) (vii. Whether any remedy in our hand or not? please explain
21 March 2014
There are 100's of cases on this aspect. First you should ascertain on what basis books of accounts are rejected. There must be some valid reasons supported by evidence on record.
CAclubindia
