Books of account cannot be relied after rejection for making addition U/s. 69

Hemant Kumar Pradhan Vs ITO (ITAT Cuttack) Original assessment u/s.143(3) of the Act was made by the AO by rejecting the books of accounts of the assessee and estimating the income of the assessee at 8% of the gross contract receipt of Rs. 49,10,212/-. It is trite law that once the books of accounts of the assessee are rejected, the same cannot be relied for making addition u/s.69 of the Act. This view finds support from the decision of Lucknow Bench of the Tribunal in the case of ITO Vs. M.S.Builders Pvt. Ltd. in ITA 564/LKW/2011 (AY : 2008-09), order dated 26.05.2013 FULL TEXT OF THE ITAT JU...