Assessing Officer Must Estimate Gross Profit u/s 145(3) Using Assessee's Past Financial Data or Relevant Third-Party Info.

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....Rejection of books of accounts u/s 145(3) - trading addition - Once the books of accounts are rejected, the AO is required to estimate the gross profit in the hands of the assessee and for the purposes, the prior history of the assessee in his own case or contemporaneous third party data has been held as a reliable basis for estimation of profits.....