https://www.taxtmi.com/caselaws?id=178645 In an assessment under section 23(3), rejection of the books may be justified where the assessee fails to explain omitted receipts and the accounts do not reflect the true state of affairs, but the assessment must still be based on disclosed material and a fair opportunity to rebut it. An estimate made without revealing the basis relied upon, or without giving the assessee a chance to meet the material, is only a guess and not a lawful estimate. The document states that the estimate of income at Rs. 30,000 was not justified on these facts and the question was answered in the negative. en-us Mon, 26 Nov 1956 00:00:00 +0530 Wed, 10 Feb 2016 11:48:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178645 In an assessment under section 23(3), rejection of the books may be justified where the assessee fails to explain omitted receipts and the accounts do not reflect the true state of affairs, but the assessment must still be based on disclosed material and a fair opportunity to rebut it. An estimate made without revealing the basis relied upon, or without giving the assessee a chance to meet the material, is only a guess and not a lawful estimate. The document states that the estimate of income at Rs. 30,000 was not justified on these facts and the question was answered in the negative. Case-Laws Income Tax Mon, 26 Nov 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178645