Books cannot be rejected for mere irregularities in case payment

The brief facts are that the assessee company is engaged in the manufacturing of plastic moulded components of plastic good. It declared Nil income in its return, which was not accepted by the AO, by rejecting the books of account, which was upheld by the CIT(A) and as such this appeal before us. It is noticed that during the assessment proceeding, the books of account was produced before the AO, which were rejected by the AO on the following basis :- (a) Cash vouchers above Rs. 5,000/- were not bearing revenue stamps and the assessee had made many cash payments above Rs.20,000/-. The AO speci...