Books cannot be rejected for mere non-furnishing of details of sundry creditors in a proper way

Failure of the assessee to give details of the sundry creditors may be a ground for raising suspicion, but suspicion alone is not enough for invoking the powers of best judgment Relevant Extract of the Judgment 2. The assessee in the present case is a joint venture between M/s. SPML and M/s. CISC Limited for carrying out some works contract jointly. The return of income for the year under consideration was filed by it on 08.02.2010 declaring a loss of Rs.1,36,71,480/-. During the course of assessment proceedings, the assessee could not produce the complete details of sundry creditors as requir...