https://www.taxtmi.com/caselaws?id=8282 The proviso to section 13 of the Income-tax Act, 1922 applies where the assessee's accounts do not fully disclose the contract income, so the books need not be accepted as conclusive. An estimate of profit is supportable when there is material on record, including admissions by the assessee and comparative figures from another year, rather than a mere guess. On the stated facts, the Tribunal's revised estimate for the Srinagar contract was upheld as materially based, and the addition could not be treated as unsupported so as to raise a referable question of law. en-us Wed, 27 May 1970 00:00:00 +0530 Thu, 09 Apr 2009 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8282 The proviso to section 13 of the Income-tax Act, 1922 applies where the assessee's accounts do not fully disclose the contract income, so the books need not be accepted as conclusive. An estimate of profit is supportable when there is material on record, including admissions by the assessee and comparative figures from another year, rather than a mere guess. On the stated facts, the Tribunal's revised estimate for the Srinagar contract was upheld as materially based, and the addition could not be treated as unsupported so as to raise a referable question of law. Case-Laws Income Tax Wed, 27 May 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8282