https://www.taxtmi.com/caselaws?id=383505 Rejection of books of account was upheld because the assessee had already suffered penalty on the footing that the goods were not properly accounted for, and that finding had attained finality. However, a best judgment estimate of undisclosed turnover must still rest on cogent material and reasonable proportionality; an estimate far above the detected turnover was found excessive and arbitrary. The turnover assessment was therefore substantially reduced, and the matter was directed to be redetermined on a lower basis. The revision succeeded only in part. en-us Fri, 19 Jul 2019 00:00:00 +0530 Thu, 25 Jul 2019 08:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383505 Rejection of books of account was upheld because the assessee had already suffered penalty on the footing that the goods were not properly accounted for, and that finding had attained finality. However, a best judgment estimate of undisclosed turnover must still rest on cogent material and reasonable proportionality; an estimate far above the detected turnover was found excessive and arbitrary. The turnover assessment was therefore substantially reduced, and the matter was directed to be redetermined on a lower basis. The revision succeeded only in part. Case-Laws VAT and Sales Tax Fri, 19 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383505