https://www.taxtmi.com/caselaws?id=373960 The tribunal overturned the rejection of the books of accounts by the Assessing Officer (AO) under section 145(3) of the Income Tax Act, finding the rejection unjustified as the necessary details were provided. The disallowance of operational and administrative expenses was also reversed by the Commissioner of Income Tax (Appeals) [CIT(A)] due to lack of proper examination. The best judgment assessment under section 144 was upheld for non-compliance but the disallowances were deleted without verifying the accounts. The tribunal remitted the issue for a thorough examination of the books of account, emphasizing factual verification over theoretical explanations. en-us Wed, 12 Dec 2018 00:00:00 +0530 Wed, 23 Jan 2019 07:38:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373960 The tribunal overturned the rejection of the books of accounts by the Assessing Officer (AO) under section 145(3) of the Income Tax Act, finding the rejection unjustified as the necessary details were provided. The disallowance of operational and administrative expenses was also reversed by the Commissioner of Income Tax (Appeals) [CIT(A)] due to lack of proper examination. The best judgment assessment under section 144 was upheld for non-compliance but the disallowances were deleted without verifying the accounts. The tribunal remitted the issue for a thorough examination of the books of account, emphasizing factual verification over theoretical explanations. Case-Laws Income Tax Wed, 12 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373960