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2014 (1) TMI 642 - AT - Income TaxEstimation of income - Rejection of books of accounts – Non-production of bills or production of kachcha bills - Held that:- The assessee is contractor and engaged in the road construction business - The assessee maintained regular books of account, which are audited also - The nature of business of the assessee clearly proves that even sometimes grits are purchased from un-organized sectors, therefore, pukka bills would not be issued by the parties because the purchases are made from remote areas also - Even if books of account of the assessee are not reliable, the profit of the assessee shall have to be estimated on reasonable basis considering the history of the assessee and the profit margin – Decided against Revenue.
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