https://www.taxtmi.com/caselaws?id=406227 The assessment was reopened due to undisclosed income from multiple bank accounts, leading to the addition of the undisclosed amount to the total income. The CIT(A) rejected additional evidence submitted by the assessee under Rule 46A of IT Rules, 1962, emphasizing discrepancies in bank accounts and lack of clarity in business details. Non-compliance by the assessee and rejection of crucial evidence raised concerns about the assessment process fairness. The interpretation of audited balance sheets and trading results was debated, along with the application of Section 145(1) on the rejection of books of account, questioning the AO's authority in making additions without proper justification. en-us Tue, 30 Mar 2021 00:00:00 +0530 Fri, 09 Apr 2021 07:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406227 The assessment was reopened due to undisclosed income from multiple bank accounts, leading to the addition of the undisclosed amount to the total income. The CIT(A) rejected additional evidence submitted by the assessee under Rule 46A of IT Rules, 1962, emphasizing discrepancies in bank accounts and lack of clarity in business details. Non-compliance by the assessee and rejection of crucial evidence raised concerns about the assessment process fairness. The interpretation of audited balance sheets and trading results was debated, along with the application of Section 145(1) on the rejection of books of account, questioning the AO's authority in making additions without proper justification. Case-Laws Income Tax Tue, 30 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406227