Resorting to estimation of profit without rejection of books not justified: ITAT Hyderabad

Meena Jewellers Extension Private Limited Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that resorting to estimation of profit in case of best judgement assessment without rejection of books of accounts is unjustifiable. Accordingly, matter set aside to the file of the lower authorities for reconsideration of the issue. Facts- The assessee is into the business of trading in jewellery. Due to non-response and compliance from the assessee, the AO has completed the assessment u/s 144 of the Act on 29.12.2019 and determined total loss of the assessee under normal provisions at Rs.9,61,29,444/-, by ...