https://www.taxtmi.com/caselaws?id=352411 The High Court ruled in favor of the assessee in an appeal under Section 260-A of the Income Tax Act, overturning the rejection of books of account for the Assessment Year 2003-04. The Court found the rejection under Section 145(3) unfounded, emphasizing the lack of specified discrepancies and the maintenance of proper records by the assessee. Consequently, the estimation and enhancement of income were deemed arbitrary and unjustified, leading to the allowance of the appeal in favor of the assessee. The Court stressed the necessity of valid bases for estimations and the importance of evidence before rejecting books of account. en-us Mon, 11 Dec 2017 00:00:00 +0530 Tue, 12 Dec 2017 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352411 The High Court ruled in favor of the assessee in an appeal under Section 260-A of the Income Tax Act, overturning the rejection of books of account for the Assessment Year 2003-04. The Court found the rejection under Section 145(3) unfounded, emphasizing the lack of specified discrepancies and the maintenance of proper records by the assessee. Consequently, the estimation and enhancement of income were deemed arbitrary and unjustified, leading to the allowance of the appeal in favor of the assessee. The Court stressed the necessity of valid bases for estimations and the importance of evidence before rejecting books of account. Case-Laws Income Tax Mon, 11 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352411