https://www.taxtmi.com/caselaws?id=203103 Unverifiable purchases, failure to produce suppliers despite summons, and absence of a quantitative stock register justified rejection of the books of account. The assessee did not discharge the statutory burden of proving the genuineness of purchases and liabilities, and the unreliable basis for closing stock valuation supported the inference that the claimed purchases were not fully genuine. On these accounting defects, the best judgment approach to income estimation was properly invoked, and the trading addition sustained by the first appellate authority was upheld against the assessee. en-us Fri, 16 Jul 2010 00:00:00 +0530 Fri, 22 Apr 2011 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203103 Unverifiable purchases, failure to produce suppliers despite summons, and absence of a quantitative stock register justified rejection of the books of account. The assessee did not discharge the statutory burden of proving the genuineness of purchases and liabilities, and the unreliable basis for closing stock valuation supported the inference that the claimed purchases were not fully genuine. On these accounting defects, the best judgment approach to income estimation was properly invoked, and the trading addition sustained by the first appellate authority was upheld against the assessee. Case-Laws Income Tax Fri, 16 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203103