Estimating 5% net profit on gross receipt without bringing any comparable case is unjustified: Chennai ITAT

INCOME-TAX : Where assessee engaged in civil construction business failed to produce necessary bills and vouchers and the AO has rejected books of accounts u/s.145(3) and resorted to best judgement assessment as per provisions of section 144 and he adopted 5 % net profit on gross receipts but failed to bring on record any comparable case of similar nature and reason for adopting such rate of profit,

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