https://www.taxtmi.com/caselaws?id=31911 Addition on a specific trading entry can be sustained without first rejecting the books of account, because rejection of books for a best judgment assessment is distinct from disallowing or taxing a particular item in the accounts. The Assessing Officer may rely on material on record and draw a permissible presumption; direct evidence is not required in every case, and the assessee must rebut the adverse inference. Concurrent findings of fact by the first appellate authority and the Tribunal will not be disturbed unless shown to be perverse, and no substantial question of law arose. en-us Thu, 11 Sep 2008 00:00:00 +0530 Tue, 30 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31911 Addition on a specific trading entry can be sustained without first rejecting the books of account, because rejection of books for a best judgment assessment is distinct from disallowing or taxing a particular item in the accounts. The Assessing Officer may rely on material on record and draw a permissible presumption; direct evidence is not required in every case, and the assessee must rebut the adverse inference. Concurrent findings of fact by the first appellate authority and the Tribunal will not be disturbed unless shown to be perverse, and no substantial question of law arose. Case-Laws Income Tax Thu, 11 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31911