https://www.taxtmi.com/caselaws?id=398796 Audited books of account with complete quantitative details cannot be rejected under section 145(3) in the absence of specific defects or discrepancies, and profit cannot be estimated merely on the basis of a statement recorded in another context. In unrecorded trading transactions, only the profit element is assessable where the surrounding material shows trading activity rather than unexplained investment, and any addition must rest on cogent material, not assumption. Lump sum additions for alleged MCX profit are unsustainable if the profit is already computable from seized records. For the relevant year, the restriction on set-off under section 115BBE was not applied retrospectively, so the current year loss could be set off against declared income. en-us Tue, 15 Sep 2020 00:00:00 +0530 Thu, 24 Sep 2020 11:40:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398796 Audited books of account with complete quantitative details cannot be rejected under section 145(3) in the absence of specific defects or discrepancies, and profit cannot be estimated merely on the basis of a statement recorded in another context. In unrecorded trading transactions, only the profit element is assessable where the surrounding material shows trading activity rather than unexplained investment, and any addition must rest on cogent material, not assumption. Lump sum additions for alleged MCX profit are unsustainable if the profit is already computable from seized records. For the relevant year, the restriction on set-off under section 115BBE was not applied retrospectively, so the current year loss could be set off against declared income. Case-Laws Income Tax Tue, 15 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398796