https://www.taxtmi.com/caselaws?id=258036 Regular books of account and stock records carry a presumption of correctness, and that presumption was not displaced here because the Revenue failed to make meaningful contemporaneous verification of stock position, corresponding records, or source documents. The assessee's explanation that the goods were moved as an inter-distributor accommodation with matching purchase and sale entries was commercially plausible and consistent with the records. A bare denial by the other party, without supporting inquiry, was insufficient to reject the accounts under section 145(3) or sustain disallowance of the purchase entries. The addition based on alleged bogus purchases could not be sustained, and the assessee's account-based explanation prevailed. en-us Wed, 09 Jul 2014 00:00:00 +0530 Mon, 30 Mar 2015 06:01:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258036 Regular books of account and stock records carry a presumption of correctness, and that presumption was not displaced here because the Revenue failed to make meaningful contemporaneous verification of stock position, corresponding records, or source documents. The assessee's explanation that the goods were moved as an inter-distributor accommodation with matching purchase and sale entries was commercially plausible and consistent with the records. A bare denial by the other party, without supporting inquiry, was insufficient to reject the accounts under section 145(3) or sustain disallowance of the purchase entries. The addition based on alleged bogus purchases could not be sustained, and the assessee's account-based explanation prevailed. Case-Laws Income Tax Wed, 09 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258036