https://www.taxtmi.com/caselaws?id=176807 The proviso to Section 13 of the Income-tax Act applies where the assessee's regular method of accounting does not disclose the true profits of the year, or where proper regular accounts have not been maintained. In that situation, the Income-tax Officer may reject the method adopted and compute income on such basis and in such manner as he thinks fit. A completed-contract system that defers profit recognition until final completion does not necessarily reflect yearly profits when substantial work and receipts arise within the accounting year. On the Tribunal's findings that earlier-year accounts were not properly kept and did not reflect true yearly profits, estimated assessment under the proviso was justified. en-us Mon, 13 Sep 1954 00:00:00 +0530 Tue, 29 Dec 2015 12:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176807 The proviso to Section 13 of the Income-tax Act applies where the assessee's regular method of accounting does not disclose the true profits of the year, or where proper regular accounts have not been maintained. In that situation, the Income-tax Officer may reject the method adopted and compute income on such basis and in such manner as he thinks fit. A completed-contract system that defers profit recognition until final completion does not necessarily reflect yearly profits when substantial work and receipts arise within the accounting year. On the Tribunal's findings that earlier-year accounts were not properly kept and did not reflect true yearly profits, estimated assessment under the proviso was justified. Case-Laws Income Tax Mon, 13 Sep 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176807