https://www.taxtmi.com/caselaws?id=217957 The High Court upheld the ITAT's decision directing the Assessing Officer to use a rate different from what the assessee declared. The Court dismissed the appeal challenging this directive, as the appellant did not press the issue. Additionally, the Court affirmed the addition of Rs. 27,16,001/- as unaccounted cash due to discrepancies found during a survey and subsequent reconciliation. The Court emphasized the importance of timely clarification and daily cash counting, concluding that the assessee failed to adequately explain the source of the cash and discrepancies in the books of account. en-us Mon, 07 May 2012 00:00:00 +0530 Wed, 31 Oct 2012 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217957 The High Court upheld the ITAT's decision directing the Assessing Officer to use a rate different from what the assessee declared. The Court dismissed the appeal challenging this directive, as the appellant did not press the issue. Additionally, the Court affirmed the addition of Rs. 27,16,001/- as unaccounted cash due to discrepancies found during a survey and subsequent reconciliation. The Court emphasized the importance of timely clarification and daily cash counting, concluding that the assessee failed to adequately explain the source of the cash and discrepancies in the books of account. Case-Laws Income Tax Mon, 07 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217957