https://www.taxtmi.com/caselaws?id=12023 An income-tax addition can be sustained where the assessee's explanation for expenditure is unsatisfactory, even if the books of account are not expressly rejected. Sections 68, 69 and 69B permit addition when the source or nature of an amount is not satisfactorily explained, and an assessment order read as a whole may show the Assessing Officer's dissatisfaction without a formal rejection formula. Book entries are relevant but not conclusive under section 34 of the Evidence Act and may require independent support. On the admitted extra expenditure and incomplete supporting materials, a valuation-based addition was held justified. en-us Mon, 13 Jan 2003 00:00:00 +0530 Sun, 14 Feb 2010 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12023 An income-tax addition can be sustained where the assessee's explanation for expenditure is unsatisfactory, even if the books of account are not expressly rejected. Sections 68, 69 and 69B permit addition when the source or nature of an amount is not satisfactorily explained, and an assessment order read as a whole may show the Assessing Officer's dissatisfaction without a formal rejection formula. Book entries are relevant but not conclusive under section 34 of the Evidence Act and may require independent support. On the admitted extra expenditure and incomplete supporting materials, a valuation-based addition was held justified. Case-Laws Income Tax Mon, 13 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12023