https://www.taxtmi.com/caselaws?id=179122 Circumstantial evidence and surrounding business facts may justify rejection of an assessee's books where the accounts do not reflect the true state of business. Omission of substantial transactions, including property purchases, rent receipts, litigation and other asset-related dealings, was treated as material supporting disbelief of the records. The relevant term "evidence" was taken to include circumstantial material, and past sales history, steady overheads and an earlier disclosed profit rate were used to support a best-judgment estimate of turnover and profits under the Income-tax Act. The rejection of accounts and estimation of sales and profits were upheld on the material available on record. en-us Wed, 16 Jun 1937 00:00:00 +0530 Sat, 20 Feb 2016 15:06:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179122 Circumstantial evidence and surrounding business facts may justify rejection of an assessee's books where the accounts do not reflect the true state of business. Omission of substantial transactions, including property purchases, rent receipts, litigation and other asset-related dealings, was treated as material supporting disbelief of the records. The relevant term "evidence" was taken to include circumstantial material, and past sales history, steady overheads and an earlier disclosed profit rate were used to support a best-judgment estimate of turnover and profits under the Income-tax Act. The rejection of accounts and estimation of sales and profits were upheld on the material available on record. Case-Laws Income Tax Wed, 16 Jun 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179122