https://www.taxtmi.com/caselaws?id=154597 Rejection of books of account cannot rest on conjecture where survey findings do not disclose the source or particulars of the alleged adverse information. The assessee's books were rejected because the shop was found closed during survey and it was inferred that grain transactions had occurred at night, but the orders below did not explain the basis of that inference. In the absence of a disclosed factual foundation, a best judgment assessment was not justified. Alleged penalty proceedings, which did not survive, also could not validate the rejection. The books of account were therefore treated as acceptable. en-us Wed, 10 Apr 1985 00:00:00 +0530 Sat, 24 Aug 2013 11:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=154597 Rejection of books of account cannot rest on conjecture where survey findings do not disclose the source or particulars of the alleged adverse information. The assessee's books were rejected because the shop was found closed during survey and it was inferred that grain transactions had occurred at night, but the orders below did not explain the basis of that inference. In the absence of a disclosed factual foundation, a best judgment assessment was not justified. Alleged penalty proceedings, which did not survive, also could not validate the rejection. The books of account were therefore treated as acceptable. Case-Laws VAT and Sales Tax Wed, 10 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=154597