https://www.taxtmi.com/caselaws?id=468918 The books of account were rejected under section 145(3) because the assessee did not produce supporting material for the claimed business expenditure, including purchase and sales records, delivery particulars, stock details, or other corroborative evidence. The record also indicated that several expenses were personal or otherwise non-business in character, and the books did not show the indicia of a genuine running business. As the assessee failed to discharge the burden of proving that the expenditure was incurred wholly and exclusively for business purposes under section 37(1), the disallowance of a portion of the claimed expenses was upheld. en-us Mon, 10 Feb 2025 00:00:00 +0530 Mon, 25 May 2026 20:05:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468918 The books of account were rejected under section 145(3) because the assessee did not produce supporting material for the claimed business expenditure, including purchase and sales records, delivery particulars, stock details, or other corroborative evidence. The record also indicated that several expenses were personal or otherwise non-business in character, and the books did not show the indicia of a genuine running business. As the assessee failed to discharge the burden of proving that the expenditure was incurred wholly and exclusively for business purposes under section 37(1), the disallowance of a portion of the claimed expenses was upheld. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468918