Failure to substantiate the book results, the AO estimated the profit at 3 Per Cent. CIT(A) deleted the addition. On appeal by the Revenue the Tribunal held that CIT(A) simply accepted the explanation of assessee without any valid reasons. Order of the AO is affirmed. (AY.2012-13)
ITO v. BASE Industries Ltd. (2024)112 ITR 56 (SN)(Surat)(Trib)
S. 145 : Method of accounting-Rejection of books of account-Estimation of profits at 3 Per Cent by the Assessing Officer is affirmed. [S.44AA, 145(3)]