https://www.taxtmi.com/caselaws?id=166285 Whether an assessment made by estimating sales and applying a flat profit rate was sustainable and whether the proviso to the computation provision could be invoked when accounts were unreliable: the court held that where accounts and evidence are found unreliable the tax officer may, as primary fact finder in quasi judicial administrative proceedings, reject such accounts and compute income on an estimate under the proviso; the assessee bears the onus to produce satisfactory records and courts will not disturb factual estimates absent capriciousness. Outcome: assessment by estimate upheld for the Revenue. en-us Fri, 30 Apr 1937 00:00:00 +0530 Tue, 16 Sep 2014 16:40:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166285 Whether an assessment made by estimating sales and applying a flat profit rate was sustainable and whether the proviso to the computation provision could be invoked when accounts were unreliable: the court held that where accounts and evidence are found unreliable the tax officer may, as primary fact finder in quasi judicial administrative proceedings, reject such accounts and compute income on an estimate under the proviso; the assessee bears the onus to produce satisfactory records and courts will not disturb factual estimates absent capriciousness. Outcome: assessment by estimate upheld for the Revenue. Case-Laws Income Tax Fri, 30 Apr 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166285