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2017 (8) TMI 1437 - HC - Income TaxAddition on account of unverifiable purchases - rejection of books of accounts u/s 145(3) - Held that:- mere speculation cannot be a ground for addition of income. There must be a some material substance either in the form of documents or the like to arrive at a ground for addition of income. See Chetnaben Shah Legal Heir of Jagdishchandra K.Shah Vs. The Income Tax Officer, War 10(3) [2016 (7) TMI 973 - GUJARAT HIGH COURT] The authority will accept the law but the transaction whether it is genuine or not will be verified by the Assessing Officer - COMMISSIONER OF INCOME TAX, JAIPUR-I, JAIPUR (RAJ.) VERSUS GEMS PARADISE [2016 (11) TMI 1400 - RAJASTHAN HIGH COURT]
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