https://www.taxtmi.com/caselaws?id=770680 ITAT Panaji allowed the appeal for statistical purposes, remanding the matter to AO for fresh assessment. The case involved rejection of audited books under section 145(3) for a precious metal business due to complex nature and high-volume transactions. The tribunal held that after rejecting audited books, AO was duty-bound to direct special audit under section 142(2A) before making assessment under section 144. The ad-hoc determination of taxable income without expert assistance was deemed capricious and irrational, lacking pivotal information and proper notice to the assessee, thus violating section 144 provisions. en-us Tue, 08 Apr 2025 00:00:00 +0530 Tue, 13 May 2025 17:26:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770680 ITAT Panaji allowed the appeal for statistical purposes, remanding the matter to AO for fresh assessment. The case involved rejection of audited books under section 145(3) for a precious metal business due to complex nature and high-volume transactions. The tribunal held that after rejecting audited books, AO was duty-bound to direct special audit under section 142(2A) before making assessment under section 144. The ad-hoc determination of taxable income without expert assistance was deemed capricious and irrational, lacking pivotal information and proper notice to the assessee, thus violating section 144 provisions. Case-Laws Income Tax Tue, 08 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770680