Profit cannot be estimated without rejecting books of Account

Bulu Ghosh Vs ITO (ITAT Kolkata) Introduction: In the case of Bulu Ghosh vs. Income Tax Officer (ITO), ITAT Kolkata delivered a significant verdict concerning the estimation of profits without the rejection of books of accounts. This article provides a detailed analysis of the case and its implications. Background: Bulu Ghosh, the appellant, filed the income tax return for the assessment year 2016-17, which was subsequently selected for scrutiny. The Assessing Officer (AO) raised concerns about the apparent discrepancy between the audited profit and loss account presented by the appellant and ...