https://www.taxtmi.com/caselaws?id=776560 The ITAT Ahmedabad upheld the addition under Section 68 for unexplained cash credits despite the rejection of the assessee's books of accounts under Section 145(3). The tribunal relied on Supreme Court precedent affirming that estimation of income on rejection of books does not preclude further additions for unexplained credits, as these represent undisclosed income distinct from the estimated profits. The Punjab & Haryana HC's ruling was also cited, confirming that rejection of books does not bar reliance on entries therein for assessment purposes. The assessee's contention that additions could not be made once books were rejected was dismissed. The appeal was decided against the assessee. en-us Thu, 03 Jul 2025 00:00:00 +0530 Wed, 13 Aug 2025 07:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776560 The ITAT Ahmedabad upheld the addition under Section 68 for unexplained cash credits despite the rejection of the assessee's books of accounts under Section 145(3). The tribunal relied on Supreme Court precedent affirming that estimation of income on rejection of books does not preclude further additions for unexplained credits, as these represent undisclosed income distinct from the estimated profits. The Punjab & Haryana HC's ruling was also cited, confirming that rejection of books does not bar reliance on entries therein for assessment purposes. The assessee's contention that additions could not be made once books were rejected was dismissed. The appeal was decided against the assessee. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776560