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Provision of section 145(3) invoked without satisfying conditions - books of accounts rejected without following proper procedure u/s 144. Gross profit addition made instead of excess stock found, ignoring documentary evidence. Statement alone cannot be basis for addition as per apex court ruling. Excess stock forming part of closing stock demonstrated through CA certificate, hence no separate addition required. Bogus expenses declared during survey were from assessee's own cash available, not requiring cash flow statement. Grounds raised by assessee allowed by ITAT.
Provision of section 145(3) invoked without satisfying conditions - books of accounts rejected without following proper procedure u/s 144. Gross profit addition made instead of excess stock found, ignoring documentary evidence. Statement alone cannot be basis for addition as per apex court ruling. Excess stock forming part of closing stock demonstrated through CA certificate, hence no separate addition required. Bogus expenses declared during survey were from assessee's own cash available, not requiring cash flow statement. Grounds raised by assessee allowed by ITAT.
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