https://www.taxtmi.com/caselaws?id=179312 Income may be estimated from surrounding circumstances where petrol sales accounts are unreliable and do not permit verification of actual receipts. A hire-purchase arrangement is treated as a sale or agreement to sell with instalments, not as machinery let on hire, so the statutory depreciation allowance for hired machinery does not apply. A claimed bad debt arising from repossessed vehicle instalments cannot be allowed until the security has been realised or valued, because the extent of recovery remains unknown. The commentary states that, on these principles, the assessee obtained no relief on any of the issues discussed. en-us Mon, 09 Apr 1945 00:00:00 +0630 Fri, 26 Feb 2016 10:40:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179312 Income may be estimated from surrounding circumstances where petrol sales accounts are unreliable and do not permit verification of actual receipts. A hire-purchase arrangement is treated as a sale or agreement to sell with instalments, not as machinery let on hire, so the statutory depreciation allowance for hired machinery does not apply. A claimed bad debt arising from repossessed vehicle instalments cannot be allowed until the security has been realised or valued, because the extent of recovery remains unknown. The commentary states that, on these principles, the assessee obtained no relief on any of the issues discussed. Case-Laws Income Tax Mon, 09 Apr 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=179312