AO’s 4% Profit Estimation Without Book Rejection is invalid: ITAT Jaipur

Kunan Mal Kalu Ram Jain and Company Vs ITO (ITAT Jaipur) In a significant ruling by the Income Tax Appellate Tribunal (ITAT) Jaipur, the case of Kunan Mal Kalu Ram Jain and Company vs. Income Tax Officer (ITO) was adjudicated. This landmark ruling revolves around the rejection of profit estimation by the Assessing Officer (AO) without rejecting the books of accounts maintained by the assessee. The appeal stems from an order passed under section 143(3) r.w.s 143(3A) & 143(3B) of the Income Tax Act, related to the assessment year 2018-19. Background and Dispute: The appellant, Kunan Mal Kalu...