Presumption u/s 292 is discretionary in nature; authorities can reject books of account founding them inchoate

Brief of the Case

Bombay High Court held In the case of M/s Harish Textile Engrs. Ltd. vs. DCIT that Section 292 uses the word ‘may presume’ and not ‘shall presume’ or ‘conclusively presume’. The words ‘may presume’ are in the nature of discretionary presumption different from a compulsory presumption. In the present facts the documents found during the course of the search are uncompleted. It does not indicate the person to whom the payment has

Please become a Premium member. If you are already a Premium member, login here to access the full content.