The Assessing Officer rejected the books of account and estimated the profit without recording any finding that the accounts were incorrect, incomplete or that the method of accounting was not regularly followed. The Tribunal held that the delay in furnishing the list of sundry creditors was due to data corruption, which was subsequently rectified, and the audited books were duly verified. As the rejection of books was unsustainable, the consequential estimation of income also failed, and the Assessing Officer was directed to accept the returned income. (AY. 2013-14).