https://www.taxtmi.com/caselaws?id=215182 Rejection of books under section 145(3) was justified because the assessee had no stock register, no verifiable inventory record, and defective purchase vouchers, but the trading addition could not be sustained without a reasonable basis for estimating escaped income, so it was deleted. A cash credit under section 68 was not proved by incomplete affidavits alone, as identity, creditworthiness, and genuineness require corroborative material; the addition was therefore deleted. A separate disallowance under section 40A(3) for cash payment was also deleted because the purchase was on trading account and the trading results had already been estimated after rejection of books. en-us Fri, 25 May 2012 00:00:00 +0530 Thu, 26 Jul 2012 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215182 Rejection of books under section 145(3) was justified because the assessee had no stock register, no verifiable inventory record, and defective purchase vouchers, but the trading addition could not be sustained without a reasonable basis for estimating escaped income, so it was deleted. A cash credit under section 68 was not proved by incomplete affidavits alone, as identity, creditworthiness, and genuineness require corroborative material; the addition was therefore deleted. A separate disallowance under section 40A(3) for cash payment was also deleted because the purchase was on trading account and the trading results had already been estimated after rejection of books. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215182