9 results for “section 68”+ Section 150(2)clear
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150. The case was selected for scrutiny due to large revenue operations and lack of scrutiny in prior years. The Assessing Officer (AO) rejected the assessee's books of account under Section 145(3) of the Income Tax Act, 1961, due to non-production of supporting documents and estimated the net profit at 2% of the turnover, resulting