Addition cannot be made on estimate basis without rejection of Books of Accounts

Arup Kumar Hazra Vs I.T.O. (ITAT Kolkata)

Assessing Officer has made the addition on estimate basis, without disturbing the opening stock, purchase and sales and closing stock of High Speed Diesel and Motor Spirit. The books of accounts of the assessee have not been rejected. The fact is that the assessee had maintained books of accounts and these were duly audited u/s 44AB of the Act. The purchases made by the assessee by the assessee of Motor Spirit and High Speed Diesel are only from Indian Oil Corporation Ltd. The lubricants were purchased from Haldia IOC Employees’ Welfare

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