Allowing the appeal the Tribunal held that when the audited books of a account were furnished , the books could not have been ignored and rejected without assigning any reasons and the assessee’s income determined on an estimate basis. The Assessing Officer has to determine the total income , based on the audited books of account in accordance with law after providing reasonable opportunity of hearing. ( AY.2011-12)
Andhra Pradesh Tourism Development Corporation Ltd. v. Dy. CIT (2020)82 ITR 31 (SN) (Hyd) (Trib)
S. 144 : Best judgment assessment – Books of account audited – Income estimated on the basis of estimate basis is held to be not justified – Income has to be determined as per the audited books of account in accordance with law [ S.271B ]