AO rejected assessee’s books of account and made huge trading additions. Assessee filed appeal contending that since no defect had been pointed out in opening stock, purchases, sales and closing stock registers, AO could not reject books of account. Tribunal remanded matter back to AO for disposal afresh. Order of tribunal is affirmed by the High Court.
Madhur Vegoils (P.) Ltd. v. ITO (2020) 113 taxmann.com 248 / 269 Taxman 103 (Raj.)(HC) Editorial : SLP of assessee is dismissed; Madhur Vegoils (P.) Ltd. v. ITO (2020) 269 Taxman 102 (SC)
S. 145 : Method of accounting-Rejection of books of account-Remand order of Tribunal is up held by the High Court. [S. 144, 254(1)]