Held that estimation of profit and rejection of books of account is justified. Estimate of @ 5 percent of the turnover is affirmed. Jurisdiction issue is not challenged in the course of assessment proceedings hence not entertained hence not entertained. Reassessment is affirmed. (AY. 2009-10)
ITO v. Vibgyor Texotech (P) Ltd (2023) 221 TTJ 708 (Mum)(Trib)
S. 145 : Method of accounting-Rejection of books of account-Estimation of profit-Rejection of books of account is justified-Estimate of @ 5 percent of the turnover is affirmed-Jurisdiction issue is not challenged in the course of assessment proceedings hence not entertained-Reassessment is affirmed. [S. 124(3),145(3), 147, 148]