https://www.taxtmi.com/caselaws?id=62445 Books of account for purchases and sales could not be rejected merely because the disclosed profit margin was low. Where the dealer maintained accounts as required under section 15 of the Central Sales Tax Act and no defects, irregularities, suppressions, or fraudulent transactions were found, low profitability by itself was insufficient to treat the accounts as false or improperly maintained. An enhanced turnover estimate based only on a profit margin of less than 4 per cent was unsupported by legal proof and rested on surmise and conjecture. The accounts were therefore required to be accepted, and the assessment had to be confined to the returned figures. en-us Sat, 16 Apr 1977 00:00:00 +0530 Thu, 19 May 2022 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62445 Books of account for purchases and sales could not be rejected merely because the disclosed profit margin was low. Where the dealer maintained accounts as required under section 15 of the Central Sales Tax Act and no defects, irregularities, suppressions, or fraudulent transactions were found, low profitability by itself was insufficient to treat the accounts as false or improperly maintained. An enhanced turnover estimate based only on a profit margin of less than 4 per cent was unsupported by legal proof and rested on surmise and conjecture. The accounts were therefore required to be accepted, and the assessment had to be confined to the returned figures. Case-Laws VAT and Sales Tax Sat, 16 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62445