https://www.taxtmi.com/caselaws?id=290066 ITAT Mumbai held that, where the assessee's books of account were accepted, income had to be computed on that basis and rejection of book results could not be sustained. Additions made by the net accretion method, including those linked to assets and shareholdings, were deleted once the books governed the computation. Third-party material collected behind the assessee's back could not be relied on without effective opportunity of rebuttal, so the alleged undisclosed investments required reconsideration with opportunity to the assessee and, if needed, remand proceedings. Interest expenditure, other expenses, and connected disallowances were consequential to the book-based computation. en-us Wed, 20 Jul 2016 00:00:00 +0530 Mon, 07 Sep 2020 19:31:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290066 ITAT Mumbai held that, where the assessee's books of account were accepted, income had to be computed on that basis and rejection of book results could not be sustained. Additions made by the net accretion method, including those linked to assets and shareholdings, were deleted once the books governed the computation. Third-party material collected behind the assessee's back could not be relied on without effective opportunity of rebuttal, so the alleged undisclosed investments required reconsideration with opportunity to the assessee and, if needed, remand proceedings. Interest expenditure, other expenses, and connected disallowances were consequential to the book-based computation. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290066