https://www.taxtmi.com/caselaws?id=185408 A revised return is available to correct a bona fide omission or wrong statement, but not to cure a return that was knowingly false and exposed by the tax officer; in that setting, the revision provision cannot be used to cycle between false and corrected returns. Where the books contain inconsistencies, missing entries, unsupported claims and non-tallying balances, those defects provide material to treat the accounts as incomplete and unreliable, allowing income to be computed on another basis. For money-lending income, a reasonable estimate using the working capital and an average rate of interest was treated as a permissible statutory computation method, not arbitrary guesswork. en-us Mon, 21 Aug 1939 00:00:00 +0530 Thu, 11 Aug 2016 17:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185408 A revised return is available to correct a bona fide omission or wrong statement, but not to cure a return that was knowingly false and exposed by the tax officer; in that setting, the revision provision cannot be used to cycle between false and corrected returns. Where the books contain inconsistencies, missing entries, unsupported claims and non-tallying balances, those defects provide material to treat the accounts as incomplete and unreliable, allowing income to be computed on another basis. For money-lending income, a reasonable estimate using the working capital and an average rate of interest was treated as a permissible statutory computation method, not arbitrary guesswork. Case-Laws Income Tax Mon, 21 Aug 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185408