https://www.taxtmi.com/caselaws?id=176548 Rejection of account books was upheld where primary records were missing, vouchers appeared spurious, and relevant records were withheld, making the objection one of fact. The contention that want of notice under section 23(2) invalidated the best judgment assessment was not accepted on the record. An estimated turnover and gross profit rate could not stand because the assessment did not disclose the basis of the figures or the comparable cases relied on, and the assessee had no chance to rebut that material. Gross profit was also required to be computed on accepted accounting principles, not by deductions unrelated to cost of goods sold. en-us Fri, 05 Feb 1965 00:00:00 +0530 Thu, 24 Dec 2015 14:12:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176548 Rejection of account books was upheld where primary records were missing, vouchers appeared spurious, and relevant records were withheld, making the objection one of fact. The contention that want of notice under section 23(2) invalidated the best judgment assessment was not accepted on the record. An estimated turnover and gross profit rate could not stand because the assessment did not disclose the basis of the figures or the comparable cases relied on, and the assessee had no chance to rebut that material. Gross profit was also required to be computed on accepted accounting principles, not by deductions unrelated to cost of goods sold. Case-Laws Income Tax Fri, 05 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176548