https://www.taxtmi.com/caselaws?id=392056 Primary records such as purchase and sales bills, delivery challans and lorry receipts supported the trading results, and in the absence of any specific defect in the books, rejection of accounts and an estimated gross profit addition were not justified. Section 41(1) could not be applied to sundry creditors because the liabilities were reflected in the balance sheet, supported by party-wise details, and there was no evidence of remission, waiver or cessation of liability. Unabsorbed depreciation from earlier years was available for carry forward and set-off under the amended depreciation regime without the earlier eight-year restriction, in line with settled interpretation. en-us Wed, 08 Jan 2020 00:00:00 +0530 Thu, 13 Feb 2020 08:10:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392056 Primary records such as purchase and sales bills, delivery challans and lorry receipts supported the trading results, and in the absence of any specific defect in the books, rejection of accounts and an estimated gross profit addition were not justified. Section 41(1) could not be applied to sundry creditors because the liabilities were reflected in the balance sheet, supported by party-wise details, and there was no evidence of remission, waiver or cessation of liability. Unabsorbed depreciation from earlier years was available for carry forward and set-off under the amended depreciation regime without the earlier eight-year restriction, in line with settled interpretation. Case-Laws Income Tax Wed, 08 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392056