https://www.taxtmi.com/caselaws?id=466528 Rejection of books of account under section 145(3) was sustained because audited accounts lacked quantitative stock details, vouchers were unnumbered, purchases and creditors were unverifiable and payments were not through banking channels; consequence: a judicious gross profit rate of 1.5% was adopted (raising income by Rs 9,84,464). On addition under unexplained credits, once books were validly rejected and GP estimated, further addition for alleged bogus sundry creditors was deleted. For alleged house property income, Annual Letting Value was fixed at Rs 3,000 per month due to lack of evidence of business use. en-us Thu, 27 Feb 2025 00:00:00 +0530 Wed, 11 Feb 2026 14:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466528 Rejection of books of account under section 145(3) was sustained because audited accounts lacked quantitative stock details, vouchers were unnumbered, purchases and creditors were unverifiable and payments were not through banking channels; consequence: a judicious gross profit rate of 1.5% was adopted (raising income by Rs 9,84,464). On addition under unexplained credits, once books were validly rejected and GP estimated, further addition for alleged bogus sundry creditors was deleted. For alleged house property income, Annual Letting Value was fixed at Rs 3,000 per month due to lack of evidence of business use. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466528