https://www.taxtmi.com/caselaws?id=7531 Regularly maintained income-tax accounts cannot be rejected merely because no day-to-day stock register was kept if purchases and sales are supported by vouchers and the accounts are not shown to be inaccurate. Under the relevant provisos, rejection is justified only where the Income-tax Officer forms the opinion that income, profits and gains cannot properly be deduced from the accounts. On the facts recorded, the absence of a stock book raised only a valuation issue and did not by itself warrant best judgment assessment. The Tribunal was therefore wrong to uphold the assessments, and the answer was against the Revenue and in favour of the assessee. en-us Fri, 29 Nov 1968 00:00:00 +0530 Wed, 25 Feb 2009 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7531 Regularly maintained income-tax accounts cannot be rejected merely because no day-to-day stock register was kept if purchases and sales are supported by vouchers and the accounts are not shown to be inaccurate. Under the relevant provisos, rejection is justified only where the Income-tax Officer forms the opinion that income, profits and gains cannot properly be deduced from the accounts. On the facts recorded, the absence of a stock book raised only a valuation issue and did not by itself warrant best judgment assessment. The Tribunal was therefore wrong to uphold the assessments, and the answer was against the Revenue and in favour of the assessee. Case-Laws Income Tax Fri, 29 Nov 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7531