https://www.taxtmi.com/caselaws?id=273155 Business income under the Indian Income Tax Act, 1922 is computed by the assessee's regularly employed accounting method, but the assessing authority may adopt a different basis where the books do not properly disclose income. On the facts discussed, the finding that the assessee kept mercantile accounts and had omitted the disputed receipt from the relevant year was supported by evidence and was not open to interference. The estimate of profits on a flat-rate basis was also a matter for the assessing authority on the facts, and the rate of 32.5 per cent was not shown to be arbitrary or unwarranted. en-us Mon, 26 Jun 1933 00:00:00 +0530 Fri, 08 Jun 2018 17:39:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273155 Business income under the Indian Income Tax Act, 1922 is computed by the assessee's regularly employed accounting method, but the assessing authority may adopt a different basis where the books do not properly disclose income. On the facts discussed, the finding that the assessee kept mercantile accounts and had omitted the disputed receipt from the relevant year was supported by evidence and was not open to interference. The estimate of profits on a flat-rate basis was also a matter for the assessing authority on the facts, and the rate of 32.5 per cent was not shown to be arbitrary or unwarranted. Case-Laws Income Tax Mon, 26 Jun 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273155