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2024 (3) TMI 520 - ITAT DELHIEstimation of income - Bogus purchases - non rejection of books of accounts - HELD THAT:- AO has accepted the sale receipts but disallowed the entire purchases. There could not have been any sales without purchases. The books of accounts have not been rejected by the AO, as required u/s 145(3) of the Income Tax Act, 1961, without rejecting the books of accounts and without estimating any gross profit, while accepting the entire sales at the same time disallowing the entire purchases is beyond any rhyme & reasons sans logic. Hence, the addition made is liable to be deleted. Appeal of the assessee is allowed.
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