https://www.taxtmi.com/caselaws?id=158079 Rejection of account books does not permit a taxing authority to fix taxable turnover on an arbitrary or unsupported basis; even in best judgment assessment, the figure must rest on material on record or a reasonable estimating principle drawn from purchases, sales, or other reliable records. A turnover fixed without disclosed basis was held unsustainable, and the assessment had to be recomputed with corresponding reduction of theka money and related components. The revision was therefore allowed in favour of the assessee, and the arbitrary turnover determination was set aside to that extent. en-us Mon, 03 Jan 1994 00:00:00 +0530 Wed, 16 Oct 2013 14:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158079 Rejection of account books does not permit a taxing authority to fix taxable turnover on an arbitrary or unsupported basis; even in best judgment assessment, the figure must rest on material on record or a reasonable estimating principle drawn from purchases, sales, or other reliable records. A turnover fixed without disclosed basis was held unsustainable, and the assessment had to be recomputed with corresponding reduction of theka money and related components. The revision was therefore allowed in favour of the assessee, and the arbitrary turnover determination was set aside to that extent. Case-Laws VAT and Sales Tax Mon, 03 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158079