CIT(A) Overturns AO's 5% Profit Estimate; Accepts Company's Books u/s 145(3) Without Adjustments.

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 books of accounts u/s 145 (3) - AO by recklessly rejecting the books of account proceeded to estimate the income by applying profit @ 5% of the gross receipt which much less than the income for which the assessee company has already assessed (before depreciation). - CIT (A) has rightly and validly accepted the books of account and set aside the estimation of gross profit @ 5% - AT....