No Estimation of Gross Profit without Rejection of Books of Account

ACIT Vs Smt B. Sujata Subudhi (ITAT Cuttack) A perusal of the assessment order clearly shows that the provisions of section 145 (3) have not been invoked and the books of account of the assessee have not been rejected. This being so, admittedly, estimation of the assessee’s income is not permissible. FULL TEXT OF THE ORDER OF ITAT CUTTACK This is an appeal filed by the revenue against the order of the CIT(A) Cuttack dated 24.10.2019 in Appeal No.0613/2016 -17 for the assessment year 2014-15. The cross objection filed by the assessee is against the appeal filed by the revenue in ITA No.69/CTK...