Rejection of books of accounts justified as transactions recorded not supported by proper documents

Sri Sivaram and Co Vs ACIT (ITAT Chennai) ITAT Chennai held that rejection of books of accounts justified as transactions recorded in the books of accounts are not properly vouched or supported by proper documents. Further, expenses and related vouchers were also not found in accordance with books of accounts. Facts- The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the action of AO in rejecting the entire books of accounts in limited scrutiny case and restricting expenses by estimating the profit rate at 8% and also consequently making addition of inter...