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2022 (2) TMI 237 - HC - Income TaxRejection of books of accounts and estimation of profit - Whether the ITAT is legally correct in holding that rejection of books of accounts solely on the ground of non-issuance of sale memos is proper and justified ? - HELD THAT:- Mere non-issuance of production of sale memos could not have been a ground to reject the entire books of account particularly since it pertained to sale of country liquor to tribal populations. Also the ITAT appears to have overlooked the fact that the books of account of the Assessee were not rejected by the Excise Department and that the ITAT itself had accepted them for the subsequent AY 2001-02. For all of the aforementioned reasons, the two questions formulated by this Court are answered in favour of the Assessee and against the Department.
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