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Books Not Produced Earlier – Section 145(3) Rejection Restored for Fresh Verification
Case Law Details
- Case Name
- Shivendra Singh Chauhan Vs ACIT (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
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Shivendra Singh Chauhan Vs ACIT (ITAT Agra)
Books Not Produced Earlier—145(3) Rejection, 68 & 41(1) Additions—All Restored for Fresh Verification
Assessee filed return declaring Rs.30,47,250. During scrutiny, despite repeated opportunities, Assessee did not produce books of account. AO invoked s.145(3), rejected book results & estimated net profit @ 8% of turnover. AO further taxed Rs.6,51,295 interest on FDs & SB as income from other sources instead of business income. Increase in sundry creditors of Rs.1,68,95,592 was treated as unexplained liability u/s 68, & Rs.1,08,13,...
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