Court Upholds 8% Income Estimation; Rejects Books Due to Bogus Expenditure Claims, Section 44AD Not Applicable.

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....Estimation of income - Rejection of books of accounts - bogus expenditure - absence of bills and vouchers to support the expenditure claimed by the assessee - Estimation of income @8% is reasonable. Even though the assessee had the turnover over and above the limit of Section 44AD - AT....