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Notice u/s 143(3)

This query is : Resolved 
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(Querist)
13 March 2014 Dear Sir,

Assessee received notice u/s 142(1)
And receive demand notice u/s 143(3)
The A.O. estimate client sales 40 lakhs and 10% profit and notice issued.

Assessee deposit in bank a/c above 50 lakhs cash so this case being scrutiny.
the assessee doesn`t show buisness loss in his return so A.O. estimate sales and issue demand notice with 271(1)(c) penalty.

Please help us in this matter and suggest any case law for refer in appeal.
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Amol S Joglekar

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Amol S Joglekar (Expert)
13 March 2014 what is the action taken by assessee for reply to 142(1)?
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