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2014 (4) TMI 899 - HC - Income TaxRefusal for best judgment assessment – whether AO can refuse to do a best judgment assessment, even though the assessee himself has admitted that his accounts are not full and complete? - Accounts audited u/s 44AB of the Act – Rejection of books of accounts – Held that:- There were over 1000 sundry creditors of which the assessee had got the confirmation letters from nearly 264 parties and in respect of 84 of parties, the assessee itself pleaded that the creditors were not traceable - when the assessee could produce the materials of confirmation in respect of the some of the creditors and could not produce any such evidence from 84 parties, - The assessee had shifted its stand to have the assessment done to its desire which cannot be approved - the assessee had stated that they had not maintained the books of accounts particularly with reference to the stock - accounts were audited by a qualified Chartered Accountant as required u/s 44AB of the Act - With the material particulars available as to the income of the assessee, it could be understood as to how the assessee could insist on a best of judgment assessment only for gaining certain tax benefits – thus, no substantial question of law arises for consideration – Decided against Assessee.
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