Books cannot be rejected without verifying, merely on the ground that its afterthought of the Assessee

Brief Facts of the Case During assessment the AO unearthed an undisclosed bank account maintained by the assessee. The assessee was asked to explain the source of credit in the Bank account but no explanation was furnished. The A.O. issued show cause notice on 19-11-2009 requiring the assessee to show cause why the credit of Rs.17,45,468/- in the said Bank account be not treated as unexplained money u/s. 69A of the Act. It was submitted that the assessee was doing business of sale and purchase of food-grains in the market yard and was under the impression that this was agricultural income an...