Judgement

The tribunal held that rejecting accounts solely because some suppliers did not respond was bad in law.

Books of Accounts Cannot be Rejected Without Any Specific Defect: ITAT Kolkata

The ITAT set aside the CIT(A) order and directed the AO to delete the addition, holding that the books of accounts were wrongly rejected.

Rejecting Books of Account Without Pointing Out Any Defect is Bad in Law: ITAT

ITAT ruled that duly recorded cash deposits cannot be treated as unexplained and that income cannot be arbitrarily estimated without rejecting the books of accounts.

ITAT Deletes Additions: Cash Deposits Upheld with Proper Records, No Income Estimation Without Rejecting Books

Articles

The ITAT agreed with the CIT(A) that non-maintenance of the item-wise stock register alone cannot be the only reason to reject books.

AO Cannot Reject Books of Accounts Solely for Non-Maintenance of Stock Register: ITAT

The Tribunal noted that purchases were recorded in the books of account if there was no establishment for the discrepancy in stock or inventory.

ITAT Delhi Deletes Bogus Purchase Addition Made Under 69 Without Rejecting Books of Accounts

The ITAT Allahabad removed the Section 271B penalty after holding that no audit is required when no books of accounts are maintained.

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Books of Accounts Cannot be Rejected Without Any Specific Defect: ITAT Kolkata

Rejecting Books of Account Without Pointing Out Any Defect is Bad in Law: ITAT

ITAT Deletes Additions: Cash Deposits Upheld with Proper Records, No Income Estimation Without Rejecting Books

AO Cannot Reject Books of Accounts Solely for Non-Maintenance of Stock Register: ITAT

ITAT Delhi Deletes Bogus Purchase Addition Made Under 69 Without Rejecting Books of Accounts

Allahabad ITAT Deletes Section 271B Penalty for Absence of Books of Accounts