| COURT: | ITAT Delhi |
| CORAM: | Bhavnesh Saini (JM), L. P. Sahu (AM) |
| SECTION(S): | 145(3), 40A(3), 68 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Rejection of books of account, Section 68 cash credit |
| COUNSEL: | R. S. Singhavi |
| DATE: | March 23, 2018 (Date of pronouncement) |
| DATE: | April 4, 2018 (Date of publication) |
| AY: | 2013-14 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 145(3): Entire law explained explained on whether if the AO rejects the books of account, he can rely on the entries in the books to make disallowances u/s 40A(3) and s. 68 and also make additions for "peak credit". All judgements on the point considered | |
When books of account of the assessee are not reliable and rejected by the authorities below under section 145(3) of the I.T. Act and there is no challenge to these findings of the authorities below, there is no reason for the authorities below to rely upon the same books of account for the purpose of making addition under section 40A(3) of the I.T. Act as well as to make addition of peak under section 68 of the I.T. Act
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