https://www.taxtmi.com/caselaws?id=69193 Accounts were rejected because purchases lacked bills, sales were not proportionate to purchases, identical sales figures appeared on several dates, and the records did not disclose the true state of business. The estimation of turnover, however, had to rest on a reasonable and definite basis, so the inspection report and contemporaneous statement showing the normal daily realisation were used for a more realistic annual estimate. The turnover was fixed at a level below the taxable minimum, and the assessment for the relevant year was cancelled in favour of the assessee. en-us Tue, 27 Jan 1976 00:00:00 +0530 Tue, 05 Apr 2011 16:48:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69193 Accounts were rejected because purchases lacked bills, sales were not proportionate to purchases, identical sales figures appeared on several dates, and the records did not disclose the true state of business. The estimation of turnover, however, had to rest on a reasonable and definite basis, so the inspection report and contemporaneous statement showing the normal daily realisation were used for a more realistic annual estimate. The turnover was fixed at a level below the taxable minimum, and the assessment for the relevant year was cancelled in favour of the assessee. Case-Laws Income Tax Tue, 27 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69193