https://www.taxtmi.com/caselaws?id=472382 Rejection of audited books of account requires a prima facie basis for disbelieving declared financial results; without that basis, estimated profit cannot be sustained and the audited loss is accepted. Outstanding liabilities may be treated as unexplained cash credits where the taxpayer fails to produce supporting records or otherwise discharge the evidentiary burden. Audit disclosures of accounting irregularities, missing documentation and unreconciled liabilities support taxation of unsupported liabilities. en-us Mon, 21 Apr 2025 00:00:00 +0530 Fri, 09 Oct 2026 21:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472382 Rejection of audited books of account requires a prima facie basis for disbelieving declared financial results; without that basis, estimated profit cannot be sustained and the audited loss is accepted. Outstanding liabilities may be treated as unexplained cash credits where the taxpayer fails to produce supporting records or otherwise discharge the evidentiary burden. Audit disclosures of accounting irregularities, missing documentation and unreconciled liabilities support taxation of unsupported liabilities. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472382