https://www.taxtmi.com/caselaws?id=236464 Rejection of books and estimation of business income do not bar separate examination of unexplained cash credits. The assessee must independently establish the source of credits, lenders' creditworthiness, and transaction genuineness; failure to do so permits a separate addition for unexplained cash credits. Where additional evidence concerning the first year of business and creditor confirmations is produced before the Tribunal, and the factual record before lower authorities is incomplete, the disputed additions may be remitted to the Assessing Officer for fresh examination. Any discrepancies in the books may lead to a best judgment assessment in accordance with law. en-us Wed, 10 Jul 2013 00:00:00 +0530 Thu, 29 Aug 2013 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236464 Rejection of books and estimation of business income do not bar separate examination of unexplained cash credits. The assessee must independently establish the source of credits, lenders' creditworthiness, and transaction genuineness; failure to do so permits a separate addition for unexplained cash credits. Where additional evidence concerning the first year of business and creditor confirmations is produced before the Tribunal, and the factual record before lower authorities is incomplete, the disputed additions may be remitted to the Assessing Officer for fresh examination. Any discrepancies in the books may lead to a best judgment assessment in accordance with law. Case-Laws Income Tax Wed, 10 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236464