https://www.taxtmi.com/caselaws?id=176550 A best judgment assessment was permissible because the assessee's books were defective, but the addition failed because it was built on successive estimates and a speculative round figure rather than a rational estimate of true income. A reassessment under the proviso to section 13 of the Income-tax Act, 1922 must follow rules of reason and justice and approximate actual profits as closely as possible. The court held that an arbitrary addition was unsound, and the increase to disclosed income was not justified. en-us Fri, 09 Apr 1965 00:00:00 +0530 Thu, 24 Dec 2015 14:12:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176550 A best judgment assessment was permissible because the assessee's books were defective, but the addition failed because it was built on successive estimates and a speculative round figure rather than a rational estimate of true income. A reassessment under the proviso to section 13 of the Income-tax Act, 1922 must follow rules of reason and justice and approximate actual profits as closely as possible. The court held that an arbitrary addition was unsound, and the increase to disclosed income was not justified. Case-Laws Income Tax Fri, 09 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176550