2023 (8) TMI 232 - SCH - Income Tax

Rejection of books of accounts u/s 145 - on-money receipts - application of Accounting standards - As decided by HC 2017 (5) TMI 1505 - RAJASTHAN HIGH COURT merely because of non-maintenance of a detailed qualitative and quantitative register alone, the same could not be a valid reason to reach a finding that books of account do not present true and complete picture of accounts and financial transactions - Addition of on-money transactions in the appellant's case by the authorities below is found without any basis and found perverse on facts. It, therefore, could not be a reason for rejecting the books of account maintained by the assessee in regular course of business - Also as Completed contract method followed by the appellant, therefore, could not be faulted with by the revenue and the assumptions made by the Assessing Officer that by not following AS-9 7 the same tantamount to not following prescribed AS1 under section 145(2) of the Act are found misplaced, unnecessary and uncalled HELD THAT - This Court is of the opinion that the impugned order does not call for interference. The special leave petition is accordingly dismissed. All pending applications are disposed of.