https://www.taxtmi.com/caselaws?id=423178 Rejection of books under section 145(3) was held unjustified because the Revenue relied on impounded diary entries, survey statements and a minor commission omission, while the assessee showed the diary related to another project and no serious accounting defect was established. The Tribunal also held that an estimated sale rate and alleged on-money addition could not stand on uncorroborated survey statements or unreliable diary entries, especially where no independent evidence from purchasers or other external material supported the estimate. The books rejection was set aside and the addition based on estimated receipts was deleted, in favour of the assessee. en-us Thu, 31 Mar 2022 00:00:00 +0530 Tue, 31 May 2022 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423178 Rejection of books under section 145(3) was held unjustified because the Revenue relied on impounded diary entries, survey statements and a minor commission omission, while the assessee showed the diary related to another project and no serious accounting defect was established. The Tribunal also held that an estimated sale rate and alleged on-money addition could not stand on uncorroborated survey statements or unreliable diary entries, especially where no independent evidence from purchasers or other external material supported the estimate. The books rejection was set aside and the addition based on estimated receipts was deleted, in favour of the assessee. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423178