https://www.taxtmi.com/caselaws?id=298809 An assessment framed under section 143(3) was not required to be made under section 144 because the books of account had not been rejected on the record, so the additional ground was held inadmissible. Excess iron ore stock found during search and survey, supported by registered valuation, contemporaneous statements, and the assessee's initial admission, justified the addition for unexplained investment. The later retraction was delayed, unsupported by a contrary valuation, and unaccompanied by a satisfactory explanation of source or reconciliation with the books. The appeal was dismissed. en-us Fri, 22 Sep 2017 00:00:00 +0530 Sun, 21 Nov 2021 19:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298809 An assessment framed under section 143(3) was not required to be made under section 144 because the books of account had not been rejected on the record, so the additional ground was held inadmissible. Excess iron ore stock found during search and survey, supported by registered valuation, contemporaneous statements, and the assessee's initial admission, justified the addition for unexplained investment. The later retraction was delayed, unsupported by a contrary valuation, and unaccompanied by a satisfactory explanation of source or reconciliation with the books. The appeal was dismissed. Case-Laws Income Tax Fri, 22 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298809