https://www.taxtmi.com/caselaws?id=773634 ITAT Kolkata held that AO's rejection of books of account under Section 145(3) was illegal, as rejection was based solely on low gross profit without identifying specific defects in books. The books were audited under Companies Act and Section 44AB. AO failed to doubt sales/purchases or specify defects. Regarding unexplained cash credit addition, ITAT remanded the matter to AO for proper verification of documentary evidence submitted by assessee explaining interest-free borrowings for business survival and property investments. Appeal partly allowed for statistical purposes. en-us Thu, 27 Mar 2025 00:00:00 +0530 Tue, 24 Jun 2025 17:05:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773634 ITAT Kolkata held that AO's rejection of books of account under Section 145(3) was illegal, as rejection was based solely on low gross profit without identifying specific defects in books. The books were audited under Companies Act and Section 44AB. AO failed to doubt sales/purchases or specify defects. Regarding unexplained cash credit addition, ITAT remanded the matter to AO for proper verification of documentary evidence submitted by assessee explaining interest-free borrowings for business survival and property investments. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Thu, 27 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773634