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2022 (4) TMI 588 - ITAT VISAKHAPATNAMRejection of books of accounts - estimation of business income - CIT directed the AO to estimate the income @ 3% of stock put to sale - HELD THAT:- With regard to rejection of books of accounts by the AO, since the assessee has been provided various opportunities but has not provided the required documents by AO, as noted by the AO in the assessment order, we are inclined to uphold the order of AO on this ground. Estimation of income - cost of goods put to sale - We find that the issue is covered in favour of the assessee, as submitted by the Ld. AR, wherein the Hyderabad Bench of the Tribunal in the case of M/s. Balaji Wines vs. ITO [2018 (10) TMI 1944 - ITAT HYDERABAD] Tribunal directed the AO to estimate the net profit @ 3% of the cost of goods put to sale.
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