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2013 (12) TMI 410 - ITAT HYDERABADEstimation of income u/s 144 – The assessee has shown sales of agricultural produce of Rs. 35,73,30,388/- on which total income return was Rs. 2,93,898 – The assessee’s books of accounts were destroyed in fire accident - Held that:- The assessee company failed to substantiate the profit shown by it by producing books of account, vouchers and other details called for - The correctness of purchases and other expenses claimed could not be verified - The assessment order passed by the AO is an ex-parte order u/s 144 – Another opportunity to support the claim of the assesse should be given – The issue set aside for fresh adjudication.
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