AO can reject books of accounts if same not present a true view of accounts & not show correct income – HC

Brief of the Case High Court held In the case of CIT vs. Rakesh Mahajan that the income or profits as ascertained and determined by the assessee himself cannot always be accepted as correct because it is the duty of the A.O. to consider whether the books disclose the true state of accounts and whether the correct income can be deduced there from.  Facts of the Case The assessee is a Civil Contractor, who filed his return for Assessment Year 2005-06 declaring income from Govt. contracts as well as from running trucks on hire. It was stated in the return that the assessee owned 15 trucks out of...