https://www.taxtmi.com/caselaws?id=177915 The High Court affirmed the Tribunal's decision in favor of the Department, upholding the Income-tax Officer's estimation of Rs. 39,114 as taxable profits for the assessment year 1946-47. The Court found the rejection of the assessee's accounts justified due to unreliability, allowing the ITO to base the assessment on the previous year's findings. The application of the proviso to Section 13 of the Indian Income-tax Act was deemed appropriate, supporting the ITO's method of estimating profits at a 30% margin. The High Court concluded that the ITO's approach was reasonable and upheld the Department's position. en-us Wed, 24 Apr 1957 00:00:00 +0530 Thu, 21 Jan 2016 18:48:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177915 The High Court affirmed the Tribunal's decision in favor of the Department, upholding the Income-tax Officer's estimation of Rs. 39,114 as taxable profits for the assessment year 1946-47. The Court found the rejection of the assessee's accounts justified due to unreliability, allowing the ITO to base the assessment on the previous year's findings. The application of the proviso to Section 13 of the Indian Income-tax Act was deemed appropriate, supporting the ITO's method of estimating profits at a 30% margin. The High Court concluded that the ITO's approach was reasonable and upheld the Department's position. Case-Laws Income Tax Wed, 24 Apr 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177915