https://www.taxtmi.com/caselaws?id=158524 Regularly maintained and verifiable account books cannot be rejected merely because sales were below the cost or value of goods received from head office, or because trade discount was allowed. The statutory scheme permits best judgment assessment only when returns are incorrect, incomplete, or the accounts are shown to be unreliable. In the absence of specific defects, suppression, or falsity, business discretion in pricing and discounting does not justify discarding the books. The Tribunal's acceptance of the disclosed turnover was upheld, and best judgment assessment was found unwarranted. en-us Thu, 12 Oct 1995 00:00:00 +0530 Wed, 30 Oct 2013 14:31:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158524 Regularly maintained and verifiable account books cannot be rejected merely because sales were below the cost or value of goods received from head office, or because trade discount was allowed. The statutory scheme permits best judgment assessment only when returns are incorrect, incomplete, or the accounts are shown to be unreliable. In the absence of specific defects, suppression, or falsity, business discretion in pricing and discounting does not justify discarding the books. The Tribunal's acceptance of the disclosed turnover was upheld, and best judgment assessment was found unwarranted. Case-Laws VAT and Sales Tax Thu, 12 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158524