https://www.taxtmi.com/caselaws?id=65104 Books of account maintained by a first-year contract business, showing profit of 7.7% on a small turnover, were accepted because no serious defect in the accounts was established beyond routine objections about some unpaid vouchers. Later-year profits could not justify rejection of the current year's book results, since each assessment year must be judged independently and the small scale of receipts and the assessee's inexperience were relevant factors. Enhancement of income by applying a higher estimated profit rate was therefore not justified, and the declared results were accepted. en-us Wed, 23 Jun 1976 00:00:00 +0530 Sat, 12 Feb 2011 13:27:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65104 Books of account maintained by a first-year contract business, showing profit of 7.7% on a small turnover, were accepted because no serious defect in the accounts was established beyond routine objections about some unpaid vouchers. Later-year profits could not justify rejection of the current year's book results, since each assessment year must be judged independently and the small scale of receipts and the assessee's inexperience were relevant factors. Enhancement of income by applying a higher estimated profit rate was therefore not justified, and the declared results were accepted. Case-Laws Income Tax Wed, 23 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65104