https://www.taxtmi.com/caselaws?id=11432 Incomplete cash book entries, absence of an opening cash balance and an unworked closing balance justified treating the accounts as incorrect and incomplete, so rejection of the books and estimation of income under section 145(2) was upheld. In the lottery business context, the fact-finding authority's selection of a gross profit rate was treated as a factual exercise based on comparable concerns and adjusted estimated expenses; no illegality was shown, and no substantial question of law arose from the rate adopted. The result was that the estimated assessment based on rejected accounts was sustained. en-us Thu, 17 Jul 2003 00:00:00 +0530 Sat, 08 Aug 2009 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11432 Incomplete cash book entries, absence of an opening cash balance and an unworked closing balance justified treating the accounts as incorrect and incomplete, so rejection of the books and estimation of income under section 145(2) was upheld. In the lottery business context, the fact-finding authority's selection of a gross profit rate was treated as a factual exercise based on comparable concerns and adjusted estimated expenses; no illegality was shown, and no substantial question of law arose from the rate adopted. The result was that the estimated assessment based on rejected accounts was sustained. Case-Laws Income Tax Thu, 17 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11432