https://www.taxtmi.com/highlights?id=58092 Rejection of books of accounts - This is case of action u/s 132 by the revenue wherein the cash kept at the residence of the employee could well be examined at the premises or questioned u/s 132(4). The revenue has not questioned the shortage of cash during the search proceedings. - Even so, shortage of cash cannot be a reason to reject the books of accounts and recomputed gross profit based on the performance of the company for the last three years. - AT en-us Mon, 24 May 2021 16:01:44 +0530 Mon, 24 May 2021 16:01:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=58092 Rejection of books of accounts - This is case of action u/s 132 by the revenue wherein the cash kept at the residence of the employee could well be examined at the premises or questioned u/s 132(4). The revenue has not questioned the shortage of cash during the search proceedings. - Even so, shortage of cash cannot be a reason to reject the books of accounts and recomputed gross profit based on the performance of the company for the last three years. - AT Highlights Income Tax Mon, 24 May 2021 16:01:44 +0530 https://www.taxtmi.com/highlights?id=58092