Entitlement of assessee of any deduction cannot depend on existence or absence of such entries in the books of accounts

General Co-Operative Bank Vs. ACIT (Ahmedabad High Court)- While dealing with this objection, main thrust was non-debit of expenses worth Rs.1493672765/- in the Profit and Loss Account and directly having claimed them in the computation of income while filing the return and secondly, heavy reliance is placed while not accepting the contention of the assessee, on the ratio laid down in case of Indo-Aden Salt Mfg. & Trading Co. (P) Ltd. Vs. CIT reported in [1986] 159 ITR 624 (SC) where, of course, there was some material for the assessment which had laid embedded in the evidence, which the ...