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Incomplete inventory and stock records, coupled with absent...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other sources.
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Incomplete inventory and stock records, coupled with absent individual ledgers and trial balance, justify rejection of accounts where they cannot disclose true profits. Following valid rejection, net-profit estimation must rest on relevant material rather than ad hoc rates; net-profit rates declared or earned in the five immediately preceding years and special-audit results guide recomputation, with interest excluded from turnover or gross receipts and no further expense deduction. Interest on bank or financial-institution deposits and delayed customer instalments is taxable as Income from Other Sources where the taxpayer does not conduct money-lending, financing, banking, or similar activities, irrespective of the funds' source.
Incomplete inventory and stock records, coupled with absent individual ledgers and trial balance, justify rejection of accounts where they cannot disclose true profits. Following valid rejection, net-profit estimation must rest on relevant material rather than ad hoc rates; net-profit rates declared or earned in the five immediately preceding years and special-audit results guide recomputation, with interest excluded from turnover or gross receipts and no further expense deduction. Interest on bank or financial-institution deposits and delayed customer instalments is taxable as Income from Other Sources where the taxpayer does not conduct money-lending, financing, banking, or similar activities, irrespective of the funds' source.
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