https://www.taxtmi.com/caselaws?id=789321 Books of account cannot be rejected without specific defects or cogent material; audited accounts and a mere dissatisfaction with the revenue profile were insufficient, so the rejection was unsustainable. An ad hoc addition of foreign exchange fluctuation gain as fees for technical services, made after rejecting the books and without supporting factual or legal basis, was also unsustainable. Remittances from the foreign head office, routed through banking channels and explained as project office funding, could not be taxed as unexplained investment under section 69 because they were identified capital inflows from a known source. en-us Fri, 27 Feb 2026 00:00:00 +0530 Sat, 04 Apr 2026 13:49:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789321 Books of account cannot be rejected without specific defects or cogent material; audited accounts and a mere dissatisfaction with the revenue profile were insufficient, so the rejection was unsustainable. An ad hoc addition of foreign exchange fluctuation gain as fees for technical services, made after rejecting the books and without supporting factual or legal basis, was also unsustainable. Remittances from the foreign head office, routed through banking channels and explained as project office funding, could not be taxed as unexplained investment under section 69 because they were identified capital inflows from a known source. Case-Laws Income Tax Fri, 27 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789321