Books Not Produced Earlier – Section 145(3) Rejection Restored for Fresh Verification

Shivendra Singh Chauhan Vs ACIT (ITAT Agra)

Books Not Produced Earlier—145(3) Rejection, 68 & 41(1) Additions—All Restored for Fresh Verification

Assessee filed return declaring Rs.30,47,250. During scrutiny, despite repeated opportunities, Assessee did not produce books of account. AO invoked s.145(3), rejected book results & estimated net profit @ 8% of turnover. AO further taxed Rs.6,51,295 interest on FDs & SB as income from other sources instead of business income. Increase in sundry creditorsPlease become a Premium member. If you are already a Premium member, login here to access the full content.