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2013 (11) TMI 960 - AT - Income TaxCash found during search – rejection of books of accounts - Held that:- The assessee has not produced books of accounts before AO and CIT(A) – Following CIT v. Devi Prasad Vishwanath Prasad [1968 (8) TMI 5 - SUPREME Court] - An assessment by estimating income would not preclude an addition on account of unexplained credit u/s.68 of the Act - There is no question of estimating income upon rejection of books of account as the same were never produced before the A.O. - The income being assessed without reference to, and in disregard of, the assessee's book results – The issue was restored for fresh decision.
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