Assessee, running a hardware store, filed its return declaring net profit of 0.99 per cent of turnover . Assessing Officer found that turnover of assessee’s business was more than Rs. 1 crore but assessee had failed to get accounts audited under section 44AB . He applied provisions of section 44AD and estimated business profit at 8 percent of assessee’s turnover . On appeal the Tribunal held that  on facts, Assessing Officer could have ventured into estimation only after rejecting books of account of assessee and thereafter make best judgment assessment under section 144 since Assessing Officer had gone for estimation of income without rejecting books of account of assessee, impugned order passed by him was to be set aside . (AY. 2014 -15 )