Allowing the appeal of the assessee the Tribunal held that ; when the books of account is rejected there is no justification for the authorities below to make addition of Rs.6,92,25,000/- under section 40A(3) of the I.T. Act and addition of Rs.7,12,15,150/- under section 68 of the I.T. Act. In view of the above discussion, we set aside the orders of the authorities below and delete both these additions.( ITA No. 4709/Del/2017, dt. 23.03.2018)(AY. 2013-14)
Deepak Mittal v. ACIT ( Delhi)(Trib) , www.itatonline.org
S. 145 : Method of accounting –Where then books of account is rejected and income is estimated , separate addition u/s 40A(3), 68 or peak credit cannot be made .[ S. 68. 145(3) ]