AO has estimated the sales as Royalty expenses devided by 30%. Is he allowed to do such estimation instead of going through bank and cash book of company?
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Estimation of income by AO
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Hope AO is making assessment u/s 143(3) of the I Tax Act. Before estimating profit AO has to reject books of account u/s 145(3). He can do so under the conditions laid down in section 145 (3) only.
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