Income Estimate at 1% of Turnover Unjustified; Books of Accounts Properly Maintained, No Defects Found.

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....Estimation of income done by AO at 1% of the turnover - assessee’s business profits or losses fluctuate on year to year basis. There is no need to reject the Books of Accounts which are maintained and on which defects are not pointed out so as to reject them - AT....