https://www.taxtmi.com/caselaws?id=249141 The High Court overturned the Assessing Officer's decision to reject the accounts of the assessee under Section 145(3) of the Income Tax Act, 1961. The court found that the A.O. failed to provide concrete evidence of incompleteness or incorrectness in the accounts, relying on flawed reasoning and conjectures. Additionally, discrepancies highlighted by a special audit were not supported by adverse remarks in the assessment order. Consequently, the court upheld the assessee's claim for deduction under Section 80IB, as the A.O. lacked sufficient grounds to reject the accounts, leading to the dismissal of the appeal. en-us Wed, 25 Jun 2014 00:00:00 +0530 Fri, 04 Jul 2014 21:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249141 The High Court overturned the Assessing Officer's decision to reject the accounts of the assessee under Section 145(3) of the Income Tax Act, 1961. The court found that the A.O. failed to provide concrete evidence of incompleteness or incorrectness in the accounts, relying on flawed reasoning and conjectures. Additionally, discrepancies highlighted by a special audit were not supported by adverse remarks in the assessment order. Consequently, the court upheld the assessee's claim for deduction under Section 80IB, as the A.O. lacked sufficient grounds to reject the accounts, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 25 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249141