https://www.taxtmi.com/caselaws?id=177556 The proviso to section 13 of the Income-tax Act, 1922 permits rejection of regularly kept accounts where the Income-tax Officer, on relevant material, forms a bona fide and non-arbitrary view that profits cannot properly be deduced from the books. Here, the gold transactions were unsupported by sufficient purchase details, verification of sellers was not possible, and the disclosed profits appeared improbable, so rejection of the book results for gold was justified. Separate treatment of silver transactions required no further notice because the assessee had already been heard on both commodities under earlier notices, and no prejudice was shown. The assessment procedure was therefore valid. en-us Tue, 24 Sep 1940 00:00:00 +0530 Tue, 12 Jan 2016 15:35:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177556 The proviso to section 13 of the Income-tax Act, 1922 permits rejection of regularly kept accounts where the Income-tax Officer, on relevant material, forms a bona fide and non-arbitrary view that profits cannot properly be deduced from the books. Here, the gold transactions were unsupported by sufficient purchase details, verification of sellers was not possible, and the disclosed profits appeared improbable, so rejection of the book results for gold was justified. Separate treatment of silver transactions required no further notice because the assessee had already been heard on both commodities under earlier notices, and no prejudice was shown. The assessment procedure was therefore valid. Case-Laws Income Tax Tue, 24 Sep 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177556