https://www.taxtmi.com/caselaws?id=70617 An income estimate made in the absence of accounts was upheld because it rested on relevant material, including accepted turnover figures and a gross profit rate drawn from the preceding year, and no reliance on irrelevant material or omission of relevant material was shown. The deletion of the disallowance of interest on borrowed capital was also sustained because the accounts showed only credit balances in the partner's account, there were no borrowings from the firm, and the alleged friendly advances were found to be trade transactions rather than interest-free advances. The Revenue's challenge failed on both issues and the appellate order was sustained in full. en-us Tue, 03 Jul 1984 00:00:00 +0530 Mon, 18 Apr 2011 11:34:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70617 An income estimate made in the absence of accounts was upheld because it rested on relevant material, including accepted turnover figures and a gross profit rate drawn from the preceding year, and no reliance on irrelevant material or omission of relevant material was shown. The deletion of the disallowance of interest on borrowed capital was also sustained because the accounts showed only credit balances in the partner's account, there were no borrowings from the firm, and the alleged friendly advances were found to be trade transactions rather than interest-free advances. The Revenue's challenge failed on both issues and the appellate order was sustained in full. Case-Laws Income Tax Tue, 03 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70617