https://www.taxtmi.com/caselaws?id=8234 Regularly maintained books of account cannot be rejected for best judgment assessment unless the revenue shows that they are incorrect or incomplete, or that income cannot properly be deduced from them; low gross profit, absence of a weight-wise stock register, or missing customer addresses are only corroborative factors and not sufficient by themselves. On the facts discussed, there was no finding of suppressed sales, exaggerated purchases, or omitted transactions, so rejection of the accounts was unjustified. Amounts credited to a mahimai account and later transferred to a designated charitable account were treated as collections toward trade expenses and remained taxable trading profit, despite the internal transfer. en-us Sat, 06 Mar 1971 00:00:00 +0530 Mon, 06 Apr 2009 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8234 Regularly maintained books of account cannot be rejected for best judgment assessment unless the revenue shows that they are incorrect or incomplete, or that income cannot properly be deduced from them; low gross profit, absence of a weight-wise stock register, or missing customer addresses are only corroborative factors and not sufficient by themselves. On the facts discussed, there was no finding of suppressed sales, exaggerated purchases, or omitted transactions, so rejection of the accounts was unjustified. Amounts credited to a mahimai account and later transferred to a designated charitable account were treated as collections toward trade expenses and remained taxable trading profit, despite the internal transfer. Case-Laws Income Tax Sat, 06 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8234