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Audited books cannot be rejected in a casual manner
Case Law Details
- Case Name
- ACIT Vs M/s. Mackintosh Burn Ltd (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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ACIT Vs M/s. Mackintosh Burn Ltd (ITAT Kolkata)
The issue is whether the addition in question can be made u/s 41(1). The ld. CIT(A) has already concluded that no additions can be made u/s 41(1) of the Act. He agreed that the propositions of law cited by the assessee are in its favour and hence addition u/s 41(1) of the Act is bad in law. While doing so, the ld. CIT(A) has surprisingly restricted the disallowance to 50% of the outstanding balance on an ad hoc basis. This is not permitted in law. The ld. CIT(A) rejected the books of accounts. When the Assessing Officer has not ...
