If assessee fails to establish genuineness of expenses than AO can compute income on estimate basis

ACIT Vs Raghavendra Constructions (ITAT Visakhapatnam) The assessee is in the business of civil contract works and has maintained books of account, which were duly audited by the qualified Accountant. During the assessment year under consideration, the assessee received the total contract receipts of Rs. 26,66,70,613, out of which he has given sub-contract works of Rs. 5,42,90,048 and received the commission of Rs. 5,42,901. From the balance amount of contract receipts of Rs. 21,34,00,565, an amount of Rs. 12,68,58,376 was received on sub-contract work given by M/s. Mahalakshmi Construction Co...