https://www.taxtmi.com/caselaws?id=257872 The High Court upheld the ITAT's decision in the case involving the rejection of books of accounts under Section 145(3) of the Income Tax Act. The Court emphasized the presumption of investing interest-free funds as interest-free loans. The Court also allowed the ground related to rejecting the books of accounts and restricted the addition under Section 40A(2)(b) to Rs. 10,02,125. The appeal was dismissed due to the tax effect being less than Rs. 10 lakhs. en-us Wed, 11 Mar 2015 00:00:00 +0530 Wed, 25 Mar 2015 06:55:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257872 The High Court upheld the ITAT's decision in the case involving the rejection of books of accounts under Section 145(3) of the Income Tax Act. The Court emphasized the presumption of investing interest-free funds as interest-free loans. The Court also allowed the ground related to rejecting the books of accounts and restricted the addition under Section 40A(2)(b) to Rs. 10,02,125. The appeal was dismissed due to the tax effect being less than Rs. 10 lakhs. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257872