https://www.taxtmi.com/caselaws?id=68776 Section 184(5) is attracted only where there is a complete failure of the kind contemplated by section 144; mere non-cooperation or partial non-compliance may justify best judgment assessment, but it does not by itself convert a genuine firm into an association of persons. In the contractor business, an 8% net profit estimate was treated as a reasonable and supported estimate, while a 10% rate applied without material was not upheld. For partners' capital contributions, the absence of confirmations or full supporting records in the first year did not, by itself, justify treating the amounts as unexplained cash credits where the surrounding circumstances did not show undisclosed income. en-us Fri, 16 Sep 2005 00:00:00 +0530 Fri, 19 Apr 2024 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68776 Section 184(5) is attracted only where there is a complete failure of the kind contemplated by section 144; mere non-cooperation or partial non-compliance may justify best judgment assessment, but it does not by itself convert a genuine firm into an association of persons. In the contractor business, an 8% net profit estimate was treated as a reasonable and supported estimate, while a 10% rate applied without material was not upheld. For partners' capital contributions, the absence of confirmations or full supporting records in the first year did not, by itself, justify treating the amounts as unexplained cash credits where the surrounding circumstances did not show undisclosed income. Case-Laws Income Tax Fri, 16 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68776