https://www.taxtmi.com/caselaws?id=177347 Accounts not shown to have been regularly maintained may be rejected under the Income-tax Act where the cash book is not a book of original entries and appears to have been prepared later; on that basis, the loss claimed from the pottery business was properly disallowed. Depreciation, however, is a statutory allowance in computing business profits and cannot be refused merely because the books are disbelieved, so long as the necessary particulars are furnished. The books were therefore upheld as rejectable for the loss claim, but the denial of depreciation was set aside. en-us Tue, 30 Aug 1960 00:00:00 +0530 Thu, 07 Jan 2016 15:56:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177347 Accounts not shown to have been regularly maintained may be rejected under the Income-tax Act where the cash book is not a book of original entries and appears to have been prepared later; on that basis, the loss claimed from the pottery business was properly disallowed. Depreciation, however, is a statutory allowance in computing business profits and cannot be refused merely because the books are disbelieved, so long as the necessary particulars are furnished. The books were therefore upheld as rejectable for the loss claim, but the denial of depreciation was set aside. Case-Laws Income Tax Tue, 30 Aug 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177347