Section 145 Rejection Unjustified: No Evidence of Inflated Purchases or Suppressed Sales Found in Income Estimation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Rejection of book results u/s 145 - estimating the income at 5 percent of gross receipts - no material was brought to establish that the purchases and expenses had been inflated or the sales had been suppressed and in the absence of any such material or finding given, there was no justification in invoking the provisions of Section 145(2) - AT....