https://www.taxtmi.com/caselaws?id=215440 Loose papers and survey material, without regular books of account or independent corroboration, could not by themselves justify trading additions. The Tribunal accepted that the liquor contractor AOP's income had been estimated on the jurisdictional High Court's approved formula for that business, namely sales at 2.5 times the licence fee and net profit at 5% of sales. In the absence of reliable evidence to displace that settled method, the additions made from the impounded papers were held unsustainable and the Commissioner (Appeals)'s relief was sustained. en-us Wed, 20 Jun 2012 00:00:00 +0530 Fri, 03 Aug 2012 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215440 Loose papers and survey material, without regular books of account or independent corroboration, could not by themselves justify trading additions. The Tribunal accepted that the liquor contractor AOP's income had been estimated on the jurisdictional High Court's approved formula for that business, namely sales at 2.5 times the licence fee and net profit at 5% of sales. In the absence of reliable evidence to displace that settled method, the additions made from the impounded papers were held unsustainable and the Commissioner (Appeals)'s relief was sustained. Case-Laws Income Tax Wed, 20 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215440