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Section 144 r.w. Section 145(3): ITAT JAIPUR on Jun 19, 2020 held that Even if the books f accounts rejected by invoking provisions of Section 145(3) due doubt on genuineness of the purchases, the A.O. is bound to frame the assessment on best assessment as per provisions of Section 144 r.w. Section 145(3). Therefore, after rejection of books of account, the A.O. is required to estimate the income of the assessee on some reasonable and proper basis. Once the past year results have attained finality and not in dispute, the same can form the basis for estimating the GP rate for the current year. KEDIA EXPORTS PVT. LTD. & ANR. vs. ACIT. AY 2009-10, 2012-13, 2013-14 & 2014-15 Decision in favour of Assessee
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Section 145 HIGH COURT OF KARNATAKA on May 5, 2020 held that There cannot be any dispute to the fact that every assessee being entitled to arrange its affairs and follow the method of accounting, which the Department has earlier accepted. Further if assessee is in the business of taking land, putting up commercial building thereon, letting out such building with all furniture as his profession or his business then notwithstanding the fact that he has constructed building and he has also provided other facilities and even if there are two separate rental deeds, it does not fall within the income from house property. CIT vs. PRESTIGE ESTATE PROJECTS PVT. LTD. AY 2005-06