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2014 (7) TMI 1306 - HC - Income TaxRejection of books of accounts - estimation of profits - disallowance u/s 40(a)(ia) on labour payments - learned counsel for the appellant submits that even then, the provisions of Section 40(a)(ia) will have to be considered as it was amended subsequently - HELD THAT:- It appears from the records that there has been no production of books of accounts. Naturally, all the authorities below estimated profit at 8%. We are of the view that amendment or no amendment, if the profit is estimated on any ground, whether ignoring books of accounts or rejection thereof, then there is no scope for allowability/disallowability of any deduction. In our considered view, the above provision mentions how to consider the same when the books of accounts are available and the same shall be accepted on fact by the authorities below. In the circumstances, the appeal is dismissed.
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