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2018 (3) TMI 469 - AT - Income TaxEstimating the income of the assessee u/s 145(3) - Held that:- Where expenses are unverifiable, and keeping in mind the huge quantum of unverifiable nature of expenses, rejection of the books of accounts was a just and logical conclusion and no fault could be found for invoking Section 145(3) of the Act. As far as the assessment of income of the assessee is concerned, the law is well settled that once the books of accounts of the assessee are rejected the best way to assess the income of the assessee is to go by the past history in the assessee’s own case. CIT(A), in our view, has taken note of the past history in the assessee’s own case and has rightly come to a conclusion that the estimation of profit at 14.5 per cent of the receipts would be just and proper in the facts and circumstances of the case.
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