https://www.taxtmi.com/caselaws?id=196436 Where an Income-tax Officer lawfully rejects books of account under Section 13 of the Income-tax Act, 1922, the adoption of a flat rate of profit and the valuation of individual items remain matters of discretion unless arbitrariness or illegality is shown. The court held that such estimations, including the pearl necklace valuation, did not by themselves raise a referable question of law. It also noted that the specific challenge to the 60 per cent rate had not been included in the application under Section 66(2). No question of law arose for reference, so the applications were not entertainable. en-us Mon, 14 Feb 1938 00:00:00 +0530 Thu, 30 Nov 2017 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196436 Where an Income-tax Officer lawfully rejects books of account under Section 13 of the Income-tax Act, 1922, the adoption of a flat rate of profit and the valuation of individual items remain matters of discretion unless arbitrariness or illegality is shown. The court held that such estimations, including the pearl necklace valuation, did not by themselves raise a referable question of law. It also noted that the specific challenge to the 60 per cent rate had not been included in the application under Section 66(2). No question of law arose for reference, so the applications were not entertainable. Case-Laws Income Tax Mon, 14 Feb 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196436