https://www.taxtmi.com/caselaws?id=176948 The proviso to section 13 was held inapplicable where the assessee regularly maintained accounts and the records were sufficient to deduce income; low profit or the absence of a stock register, by itself, did not justify rejection of the books and estimation of profits. For salary deductions, employee remuneration was treated as allowable if genuine and incurred wholly and exclusively for business purposes, and the taxing authority could not reduce it merely on a subjective view of reasonableness. On those principles, the salary disallowances were largely unsustainable, though the allowance component paid to the general manager remained disallowed on concession. en-us Wed, 03 Dec 1958 00:00:00 +0530 Fri, 08 Apr 2016 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176948 The proviso to section 13 was held inapplicable where the assessee regularly maintained accounts and the records were sufficient to deduce income; low profit or the absence of a stock register, by itself, did not justify rejection of the books and estimation of profits. For salary deductions, employee remuneration was treated as allowable if genuine and incurred wholly and exclusively for business purposes, and the taxing authority could not reduce it merely on a subjective view of reasonableness. On those principles, the salary disallowances were largely unsustainable, though the allowance component paid to the general manager remained disallowed on concession. Case-Laws Income Tax Wed, 03 Dec 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176948