https://www.taxtmi.com/caselaws?id=783383 ITAT Ahmedabad (AT) upheld rejection of assessee's books u/s 145(3) due to absence of quantitative stock records, unverifiable valuation, abnormal demonetisation-period sales, and unsubstantiated cash transactions. Addition u/s 68 on cash deposits was sustained, the Tribunal holding that alleged jewellery sales were fictitious, relying inter alia on an FIR showing only a fraction of declared stock existed and no payment made to the purported supplier, indicating fabricated purchases and stock. While the addition relating to opening stock stood deleted on legal grounds by CIT(A), ITAT held this did not affect the validity of other additions. Estimation of gross profit at the prior year's rate was affirmed. All assessee's grounds were dismissed. en-us Wed, 10 Dec 2025 00:00:00 +0530 Mon, 15 Dec 2025 08:39:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783383 ITAT Ahmedabad (AT) upheld rejection of assessee's books u/s 145(3) due to absence of quantitative stock records, unverifiable valuation, abnormal demonetisation-period sales, and unsubstantiated cash transactions. Addition u/s 68 on cash deposits was sustained, the Tribunal holding that alleged jewellery sales were fictitious, relying inter alia on an FIR showing only a fraction of declared stock existed and no payment made to the purported supplier, indicating fabricated purchases and stock. While the addition relating to opening stock stood deleted on legal grounds by CIT(A), ITAT held this did not affect the validity of other additions. Estimation of gross profit at the prior year's rate was affirmed. All assessee's grounds were dismissed. Case-Laws Income Tax Wed, 10 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783383