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section 145 Rejection of books of Accounts - Income Tax

#1 Issue Id: - 2610
Dated: 6-1-2011
By:- Bhavna Mehta
section 145 Rejection of books of Accounts

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can books of accounts be rejected if vouchers & supporting are not proper & only on that base, can best judgement be done? whether vouchers are regarded as part of Books of Accounts?

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#2 Dated: 24-6-2011
By:- Surender Gupta

It is the gross nature of facts would help to decide the issue of rejecting books of account. Where few transaction are unverfiable and supporting are not proper, AO may make addition in respect of those only. But, again it is the whole background which would hep to decide the issue.

You may refer to this case: COMMISSIONER OF INCOME TAX-VIII Versus M/S PARADISE HOLIDAYS (2010 -TMI - 75924 - DELHI HIGH COURT) where HC has said in similar circumstances, AO may disallow that particular expenditure which is not supported by evidence.

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