https://www.taxtmi.com/caselaws?id=471561 Rejection of books of account under section 145(3) requires income to be computed on a best-judgment basis under section 144, without relying on the rejected book results. Retaining returned income as the starting point and separately disallowing allegedly unverifiable or bogus expenses is not a valid post-rejection assessment method. Income must instead be estimated by applying an appropriate gross-profit or net-profit rate prevalent in the relevant industry. The assessment was restored for fresh computation on that basis. en-us Wed, 11 Feb 2015 00:00:00 +0530 Wed, 09 Sep 2026 12:42:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471561 Rejection of books of account under section 145(3) requires income to be computed on a best-judgment basis under section 144, without relying on the rejected book results. Retaining returned income as the starting point and separately disallowing allegedly unverifiable or bogus expenses is not a valid post-rejection assessment method. Income must instead be estimated by applying an appropriate gross-profit or net-profit rate prevalent in the relevant industry. The assessment was restored for fresh computation on that basis. Case-Laws Income Tax Wed, 11 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471561