https://www.taxtmi.com/caselaws?id=65177 Reassessment completed for the first time after the 1 April 1985 amendment attracted interest under sections 139(8) and 217, because such reassessments were treated as regular assessments for interest purposes; the levy was therefore upheld. In the absence of books of account, gross profit had to be estimated reasonably, and the reduction to 3.5% was sustained on the surrounding facts, including prior results and comparables. Deletions of additions for cash credit and cash purchases were also upheld, as the trading addition was not shown to stand independently and exceptional circumstances supported the cash payments. Depreciation on the car was disallowed to the extent attributable to personal use. en-us Mon, 22 Oct 1990 00:00:00 +0530 Mon, 14 Feb 2011 10:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65177 Reassessment completed for the first time after the 1 April 1985 amendment attracted interest under sections 139(8) and 217, because such reassessments were treated as regular assessments for interest purposes; the levy was therefore upheld. In the absence of books of account, gross profit had to be estimated reasonably, and the reduction to 3.5% was sustained on the surrounding facts, including prior results and comparables. Deletions of additions for cash credit and cash purchases were also upheld, as the trading addition was not shown to stand independently and exceptional circumstances supported the cash payments. Depreciation on the car was disallowed to the extent attributable to personal use. Case-Laws Income Tax Mon, 22 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65177