Books of account cannot be rejected merely for Non-Issuance of Sale Memos

Cresent Co. Vs CIT (Orissa High Court) In the present case, mere non-issuance of production of sale memos could not have been a ground to reject the entire books of account particularly since it pertained to sale of country liquor to tribal populations. Also the ITAT appears to have overlooked the fact that the books of account of the Assessee were not rejected by the Excise Department and that the ITAT itself had accepted them for the subsequent AY 2001-02. Although the AO accepted the fact that there was nothing wrong with the Assessee’s books of accounts, only on the ground that sales mem...