https://www.taxtmi.com/caselaws?id=383925 The Court allowed the appeals, setting aside the orders of the ITAT and CIT (A) and restoring the assessment orders of the AO for the Assessment Year 1998-99. The Assessees failed to substantiate cash sales transactions, leading to rejection of their accounts under Section 145(3) of the Income Tax Act, 1961, due to lack of satisfactory explanation on creditworthiness and genuineness of transactions. The Court upheld the AO's decision, emphasizing the importance of maintaining accurate records and complying with disclosure requirements during scrutiny. en-us Wed, 31 Jul 2019 00:00:00 +0530 Wed, 28 Aug 2019 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383925 The Court allowed the appeals, setting aside the orders of the ITAT and CIT (A) and restoring the assessment orders of the AO for the Assessment Year 1998-99. The Assessees failed to substantiate cash sales transactions, leading to rejection of their accounts under Section 145(3) of the Income Tax Act, 1961, due to lack of satisfactory explanation on creditworthiness and genuineness of transactions. The Court upheld the AO's decision, emphasizing the importance of maintaining accurate records and complying with disclosure requirements during scrutiny. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383925