https://www.taxtmi.com/caselaws?id=447183 Recorded sales supported by invoices, stock records and bank entries cannot be recharacterised as unexplained cash credits when no specific defect in the books is shown. On that factual basis, the article notes that separate additions for alleged commission or unrecorded money were also unwarranted because there was no direct evidence of unexplained expenditure and the receipts were already booked as sales. Rejection of books under the income-tax audit provision was likewise unjustified in the absence of demonstrable infirmities in the accounts. An additional estimate of profit on the same disclosed sales was impermissible, as the embedded profit was already reflected in the turnover and profit and loss account. en-us Tue, 28 Nov 2023 00:00:00 +0530 Tue, 13 Jan 2026 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447183 Recorded sales supported by invoices, stock records and bank entries cannot be recharacterised as unexplained cash credits when no specific defect in the books is shown. On that factual basis, the article notes that separate additions for alleged commission or unrecorded money were also unwarranted because there was no direct evidence of unexplained expenditure and the receipts were already booked as sales. Rejection of books under the income-tax audit provision was likewise unjustified in the absence of demonstrable infirmities in the accounts. An additional estimate of profit on the same disclosed sales was impermissible, as the embedded profit was already reflected in the turnover and profit and loss account. Case-Laws Income Tax Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447183