https://www.taxtmi.com/caselaws?id=128503 Where account books are found on valid factual findings to be irregular and unreliable, a best judgment assessment of turnover is permissible if the estimate is material-based, honest and fair; the turnover assessment was therefore sustained. Where the statute required previous approval before a delegated penalty power could be exercised, approval given by an Assistant Commissioner did not satisfy that condition because the Commissioner's prior approval was mandatory; the penalties were consequently invalid and set aside. The result was that the assessment on turnover stood, but the penalty component was quashed for want of lawful statutory approval. en-us Wed, 04 Apr 1962 00:00:00 +0530 Sat, 06 Apr 2013 15:41:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128503 Where account books are found on valid factual findings to be irregular and unreliable, a best judgment assessment of turnover is permissible if the estimate is material-based, honest and fair; the turnover assessment was therefore sustained. Where the statute required previous approval before a delegated penalty power could be exercised, approval given by an Assistant Commissioner did not satisfy that condition because the Commissioner's prior approval was mandatory; the penalties were consequently invalid and set aside. The result was that the assessment on turnover stood, but the penalty component was quashed for want of lawful statutory approval. Case-Laws VAT and Sales Tax Wed, 04 Apr 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128503