https://www.taxtmi.com/caselaws?id=762307 ITAT Raipur upheld rejection of books of accounts under section 145(3) due to defects, deficiencies, and assessee's evasive responses, finding AO's dissatisfaction justified. However, regarding profit estimation, ITAT directed AO to recompute taxable income based on assessee's preceding three years' profit percentage rather than arbitrary rates, following precedent that past performance serves as best benchmark when comparable instances unavailable and proper books absent. en-us Fri, 21 Jun 2024 00:00:00 +0530 Thu, 28 Nov 2024 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762307 ITAT Raipur upheld rejection of books of accounts under section 145(3) due to defects, deficiencies, and assessee's evasive responses, finding AO's dissatisfaction justified. However, regarding profit estimation, ITAT directed AO to recompute taxable income based on assessee's preceding three years' profit percentage rather than arbitrary rates, following precedent that past performance serves as best benchmark when comparable instances unavailable and proper books absent. Case-Laws Income Tax Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762307