https://www.taxtmi.com/caselaws?id=7139 Relief under section 15C was unavailable because the industrial undertaking was formed with machinery previously used in a business carried on before 1 April 1948, bringing the statutory exclusion into play. The proviso to section 13 was also attracted because the assessee's accounting records, including the absence of a proper daily consumption record and stock register, did not provide a reliable basis for determining true profits. Even where a different basis of computation is justified, any income estimate must rest on some material and cannot be arbitrary or conjectural; the impugned computation was therefore unsustainable for want of supporting material. en-us Wed, 18 May 1966 00:00:00 +0530 Wed, 11 Feb 2009 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7139 Relief under section 15C was unavailable because the industrial undertaking was formed with machinery previously used in a business carried on before 1 April 1948, bringing the statutory exclusion into play. The proviso to section 13 was also attracted because the assessee's accounting records, including the absence of a proper daily consumption record and stock register, did not provide a reliable basis for determining true profits. Even where a different basis of computation is justified, any income estimate must rest on some material and cannot be arbitrary or conjectural; the impugned computation was therefore unsustainable for want of supporting material. Case-Laws Income Tax Wed, 18 May 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7139