2014 (7) TMI 1306

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..... ubsequently - HELD THAT:- It appears from the records that there has been no production of books of accounts. Naturally, all the authorities below estimated profit at 8%. We are of the view that amendment or no amendment, if the profit is estimated on any ground, whether ignoring books of accounts or rejection thereof, then there is no scope for allowability/disallowability of any deduction. In .....

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..... once the income of the Respondent-assessee was estimated by rejecting the books of account, the Assessing Officer cannot make any disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 when the labour payments as claimed by the Respondent-assessee are liable to be disallowed and to be added in terms of Section 40(a) (ia) of the Income Tax Act, 1961 ? It appears from the records .....

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