Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not reject the books or pass an order u/s 144. The CIT(A) rejected the books based on mere surmise and conjecture, without satisfying the conditions u/s 145(3) or pointing out defects. The assessee produced all required details, and the authorities did not find the records defective. Mere suspicion on sales of excavated stone, with part amount considered explained and part unexplained for the same records, is not a valid reason to invoke Section 145(3). Section 145(3) can only be invoked when accounts are incorrect/incomplete, accounting methods u/s 145(1) are not followed, or accounting standards u/s 145(2) are not followed. None of these conditions were satisfied, and the assessment was completed u/s 143(3) instead of Section 144, which is incorrect. Treating part of cash sales as unexplained money u/s 69A or unexplained cash credits u/s 68 is also incorrect when the sales transactions are already recorded in books and reflected in the profit and loss account. Cash deposited from sales proceeds cannot be considered u/ss 68 or 69A.
Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not reject the books or pass an order u/s 144. The CIT(A) rejected the books based on mere surmise and conjecture, without satisfying the conditions u/s 145(3) or pointing out defects. The assessee produced all required details, and the authorities did not find the records defective. Mere suspicion on sales of excavated stone, with part amount considered explained and part unexplained for the same records, is not a valid reason to invoke Section 145(3). Section 145(3) can only be invoked when accounts are incorrect/incomplete, accounting methods u/s 145(1) are not followed, or accounting standards u/s 145(2) are not followed. None of these conditions were satisfied, and the assessment was completed u/s 143(3) instead of Section 144, which is incorrect. Treating part of cash sales as unexplained money u/s 69A or unexplained cash credits u/s 68 is also incorrect when the sales transactions are already recorded in books and reflected in the profit and loss account. Cash deposited from sales proceeds cannot be considered u/ss 68 or 69A.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
