Assessment must be completed u/s. 144 when books of accounts are rejected u/s. 145(3): ITAT Jaipur

Govindam Export Vs DCIT (ITAT Jaipur) ITAT Jaipur held that in case the books of accounts are rejected by applying provisions of section 145(3) of the Income Tax Act then assessment must be completed under section 144 of the Income Tax Act which is not done by AO in the present case. Facts- The assessee is a partnership firm and engaged in the business of export of gemstones. The Income Tax Department carried out the search and seizure operation on business premises of the assessee on 24-06-2003 and in consequent to that the assessment proceedings were initiated u/s 153A of the Act. As the ass...