Rejection of the books of accounts - best judgment assessment ...

Income Tax

April 5, 2024

Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the rejection of books of accounts was upheld, the tribunal disagreed with the addition of unexplained cash credit under section 68, emphasizing the necessity for a fair and scientific estimation of income. They directed the Assessing Officer to delete the addition made under section 68, highlighting inconsistencies in the assessment process.

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Rejection of the books of accounts - best judgment assessment ...

Income Tax

April 5, 2024

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