https://www.taxtmi.com/caselaws?id=212368 Where sundry creditor entries in the books are found not genuine, the Assessing Officer cannot straightaway treat them as taxable cash credits under section 68 without first rejecting the books and following the statutory procedure for best judgment assessment. The proper course is to invoke section 145(3), then make a fresh assessment under section 144. On the facts, the creditor entries were held unreliable, but the assessment was set aside because the officer accepted the returned profit while adding the disputed credits without adopting the required procedure. The matter was remanded for fresh assessment. en-us Tue, 10 May 2011 00:00:00 +0530 Tue, 01 May 2012 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212368 Where sundry creditor entries in the books are found not genuine, the Assessing Officer cannot straightaway treat them as taxable cash credits under section 68 without first rejecting the books and following the statutory procedure for best judgment assessment. The proper course is to invoke section 145(3), then make a fresh assessment under section 144. On the facts, the creditor entries were held unreliable, but the assessment was set aside because the officer accepted the returned profit while adding the disputed credits without adopting the required procedure. The matter was remanded for fresh assessment. Case-Laws Income Tax Tue, 10 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212368