Court Rules "On-Money Transactions" Finding Baseless; Books of Account Rejection Unjustified Under Regular Business Practices.

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....Rejection of books of accounts - The finding of "on-money transactions" in the appellant's case by the authorities below is found without any basis and found perverse on facts. It, therefore, could not be a reason for rejecting the books of account maintained by the assessee in regular course of business. - HC....