No addition towards unexplained cash credit u/s. 68 post rejection of books of accounts

Sahyog Construction Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that once the books of accounts stood rejected under section 145(3) of the Income Tax Act and profits estimated, there cannot be addition on account of unexplained cash credit u/s. 68. Accordingly, appeal allowed. Facts- The solitary issue raised in the above grounds relates to addition made to the income of the assessee u/s.68 of the Act amounting to Rs.6,58,43,000/- being unexplained cash credit. The orders of the authorities below reveal that due to the non-cooperative attitude of the assessee during assessment proceedings and...