No application of sec. 145(3) without identifying specific defects in Books

Khandelwal Diamonds Pvt. Ltd. Vs ACIT (ITAT Jaipur)

Conclusion:  Section 145(3) couldn’t be invoked without identifying specific defects in the books of accounts and that mere suspicion of increased cash sales was not sufficient to make an addition under Section 68.

Held: Assessee-company was engaged in the trading of diamonds and gold jewelry, filed its return of income for Assessment Year 2017-18, declaring a total income of Rs. 1,98,84,120. During the demonetization period, the company deposited Rs. 1,51,32,000 in HDFC Bank and Pu

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