https://www.taxtmi.com/caselaws?id=786983 Rejection of accounts requires demonstrable material showing accounts are unreliable or no regular accounting method exists; absent such material, documentary corroboration including certified export invoices, customs appraisal, item-wise reconciliations and audited financials can rebut unexplained stock additions by showing valuation (FOB versus cost) and currency differences. Accordingly, the unexplained stock addition was deleted, estimation of net profit at an increased rate was disallowed where books and reconciliations supported reported profit, and penalties for concealment based on those deleted additions were cancelled, resulting in relief to the taxpayer. en-us Fri, 20 Feb 2026 00:00:00 +0530 Tue, 24 Feb 2026 08:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786983 Rejection of accounts requires demonstrable material showing accounts are unreliable or no regular accounting method exists; absent such material, documentary corroboration including certified export invoices, customs appraisal, item-wise reconciliations and audited financials can rebut unexplained stock additions by showing valuation (FOB versus cost) and currency differences. Accordingly, the unexplained stock addition was deleted, estimation of net profit at an increased rate was disallowed where books and reconciliations supported reported profit, and penalties for concealment based on those deleted additions were cancelled, resulting in relief to the taxpayer. Case-Laws Income Tax Fri, 20 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786983