https://www.taxtmi.com/caselaws?id=183175 The High Court ruled in favor of the assessee, finding that there was no evidence to support the taxation of notional income from rejected snake skins. The court emphasized the lack of proof of sale or income generation from the rejected skins, concluding that the additions made by the authorities for the assessment years 1950-51, 1951-52, and 1952-53 were unjustified. The court highlighted discrepancies in the department's valuation methods and comparisons with similar dealers, ultimately determining that the assessee should not be taxed on the rejected skins' hypothetical income. en-us Thu, 16 Jul 1964 00:00:00 +0530 Wed, 01 Jun 2016 09:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183175 The High Court ruled in favor of the assessee, finding that there was no evidence to support the taxation of notional income from rejected snake skins. The court emphasized the lack of proof of sale or income generation from the rejected skins, concluding that the additions made by the authorities for the assessment years 1950-51, 1951-52, and 1952-53 were unjustified. The court highlighted discrepancies in the department's valuation methods and comparisons with similar dealers, ultimately determining that the assessee should not be taxed on the rejected skins' hypothetical income. Case-Laws Income Tax Thu, 16 Jul 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183175