Held that books not updated as on date of survey and discrepancies between stocks and cash physically found. Rejection is proper. Tribunal also held that sale of jewellery and cash received. Genuineness of transaction not proved hence the addition is affirmed. Tribunal also held that the levy of interest under sections 234B and 234C was to be confirmed.(AY.2012-13)
Neeraj Agrawal v. Dy. CIT (2023)103 ITR 398 / 152 taxmann.com 632 (All)(Trib)
S. 145 : Method of accounting-Rejection of books-Books not updated as on date of survey and discrepancies between stocks and cash physically found-Rejection is proper-Sale of jewellery-Cash received-Genuineness of transaction not proved-Addition is affirmed-Levy of interest is mandatory. [S.68,133A, 234B, 234C]