https://www.taxtmi.com/caselaws?id=181411 The Tribunal allowed the appeals filed by the assessee, ruling that the estimation of annual sales based on a 5-day sample was unfounded and should be quashed. The Tribunal held that the rejection of the books of account under Section 145(3) was incorrect, as the books were audited, filed with income tax returns, and accepted by sales-tax authorities. The extrapolation technique used by the AO was deemed to be based on guesswork without incriminating evidence. The Tribunal emphasized the lack of explicit rejection of the books by the AO and found the CIT(A)'s implied rejection conclusion incorrect. en-us Tue, 26 Feb 2008 00:00:00 +0530 Wed, 27 Dec 2023 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181411 The Tribunal allowed the appeals filed by the assessee, ruling that the estimation of annual sales based on a 5-day sample was unfounded and should be quashed. The Tribunal held that the rejection of the books of account under Section 145(3) was incorrect, as the books were audited, filed with income tax returns, and accepted by sales-tax authorities. The extrapolation technique used by the AO was deemed to be based on guesswork without incriminating evidence. The Tribunal emphasized the lack of explicit rejection of the books by the AO and found the CIT(A)'s implied rejection conclusion incorrect. Case-Laws Income Tax Tue, 26 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181411