https://www.taxtmi.com/caselaws?id=357391 Where cash sales and bank deposits arose from trading receipts, once the books were rejected under section 145(3) and income was estimated on gross profit, those same receipts could not be taxed again as unexplained cash credits under section 68. The rejection of books was upheld, but the profit rate had to be reasonably recomputed at 5%. The claim for deduction under Chapter VIA was not finally denied on merits; it was restored for verification, with the Assessing Officer required to examine the supporting evidence and allow the deduction if admissible in law. en-us Thu, 08 Mar 2018 00:00:00 +0530 Thu, 22 Mar 2018 08:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357391 Where cash sales and bank deposits arose from trading receipts, once the books were rejected under section 145(3) and income was estimated on gross profit, those same receipts could not be taxed again as unexplained cash credits under section 68. The rejection of books was upheld, but the profit rate had to be reasonably recomputed at 5%. The claim for deduction under Chapter VIA was not finally denied on merits; it was restored for verification, with the Assessing Officer required to examine the supporting evidence and allow the deduction if admissible in law. Case-Laws Income Tax Thu, 08 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357391