Rejection of books of accounts unjustified as no discrepancy pointed out: ITAT Ahmedabad

Kshetrapal Gold Private Limited Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that rejection of books of accounts without pointing out any discrepancy and defects in the same is unjustified. Thus, act of AO rejecting the books of accounts is set aside. Facts- The assessee is a company engaged in the business of selling gold ornaments. During the impugned year, noting the fact that the assessee had deposited cash during demonetization period from 8th November 2016 to 30th December 2016 of Rs.4,12,67,000/-, the case of the assessee was selected for scrutiny under Computer Assisted Scrutiny Selecti...