https://www.taxtmi.com/caselaws?id=180422 Accounts regularly employed by the assessee fell within Section 13 of the Income-tax Act, 1922, because the books were maintained consistently on the mercantile system from earlier years. Where closing stock is undervalued so that true income cannot be properly deduced, the proviso to Section 13 applies and assessment must be made under that special power rather than under Section 23(3). Acceptance of the silver accounts did not compel acceptance of the gold accounts, because defects in one branch of the business could be examined independently. The assessment was therefore required to proceed under the accounting provision and its proviso, while the consistency argument failed. en-us Tue, 22 Mar 1938 00:00:00 +0530 Wed, 23 Mar 2016 14:06:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180422 Accounts regularly employed by the assessee fell within Section 13 of the Income-tax Act, 1922, because the books were maintained consistently on the mercantile system from earlier years. Where closing stock is undervalued so that true income cannot be properly deduced, the proviso to Section 13 applies and assessment must be made under that special power rather than under Section 23(3). Acceptance of the silver accounts did not compel acceptance of the gold accounts, because defects in one branch of the business could be examined independently. The assessment was therefore required to proceed under the accounting provision and its proviso, while the consistency argument failed. Case-Laws Income Tax Tue, 22 Mar 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180422