Rejection of books of accounts of corporate assessee cannot be done in light manner

ACIT Vs Asahi Infrastructure & Projects Limited (ITAT Mumbai) ITAT Mumbai held that rejection of books of accounts of the assessee being a corporate assessee and subjected to statutory audits cannot be done in a light manner. Accordingly, matter remitted back to AO for re-adjudication. Facts- The assessee being resident corporate assessee is engaged in the construction work and trading of iron & steel. To verify the genuineness of the purchases reflected by the assessee, notices u/s 133(6) were issued to ten parties. However, most of the notices either returned back undelivered or no r...