https://www.taxtmi.com/caselaws?id=471092 Books of account prepared from accepted primary records cannot be rejected without identified defects or deficiencies. Share investments recorded in the books and supported by brokerage ledgers, contract notes, affidavits and confirmations were explained through brokerage credit and were not unexplained investments. Bank deposits already recorded as taxable income, dividends, interest or share-application refunds cannot be added again, while an unsubstantiated suspense entry remains taxable. Interest on borrowings used for investments and business is deductible. Interest for default in payment of tax is mandatory, but must be recomputed after giving credit for tax deductible at source on assessed income. en-us Mon, 05 Apr 2021 00:00:00 +0530 Thu, 20 Aug 2026 16:30:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471092 Books of account prepared from accepted primary records cannot be rejected without identified defects or deficiencies. Share investments recorded in the books and supported by brokerage ledgers, contract notes, affidavits and confirmations were explained through brokerage credit and were not unexplained investments. Bank deposits already recorded as taxable income, dividends, interest or share-application refunds cannot be added again, while an unsubstantiated suspense entry remains taxable. Interest on borrowings used for investments and business is deductible. Interest for default in payment of tax is mandatory, but must be recomputed after giving credit for tax deductible at source on assessed income. Case-Laws Income Tax Mon, 05 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471092