Case Law Analysis
|Income Tax Appellate Tribunal
Section 145(3) IT Act | ITAT Agra Rules Partial Book Rejection Invalid; Net Profit Must Be Estimated on Total Turnover
ITAT Agra holds that under Section 145(3) of the Income-tax Act, the Assessing Officer cannot partially reject books of accounts; if rejected, net profit must be estimated on the entire turnover. This ruling reinforces the strict interpretation of the provision, impacting taxpayers whose books are scrutinized for defects.