Sec.145: Estimation of income should be on reasonable/Comparable basis

Shri Om Prakash Singh Vs ACIT (ITAT Agra)

Conclusion: When the books of accounts was rejected, the income of assessee was to be estimated on some reasonable basis for which comparable case and history of assessee could be taken as a guide. Thus, the N.P rate @ 8% applied by the authorities below was without any basis and material on records, the same was rejected and was considered fair to apply an average rate of earlier two years which was 3.50%.

Held: Assessee was

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