https://www.taxtmi.com/caselaws?id=290586 The assessing authority may test the reliability of an assessee's books even where the accounts are arithmetically correct, and may reject them if cash introductions, interest-free repayments, or renewals without interest are not satisfactorily explained. In a money-lending business, such unexplained entries can support the conclusion that the books do not reflect the true state of income. On the facts, the Income Tax Officer had ample material to treat the accounts as unreliable, and the finding that they were not a true and complete record was sustained. en-us Wed, 11 Dec 1935 00:00:00 +0530 Tue, 06 Oct 2020 13:34:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290586 The assessing authority may test the reliability of an assessee's books even where the accounts are arithmetically correct, and may reject them if cash introductions, interest-free repayments, or renewals without interest are not satisfactorily explained. In a money-lending business, such unexplained entries can support the conclusion that the books do not reflect the true state of income. On the facts, the Income Tax Officer had ample material to treat the accounts as unreliable, and the finding that they were not a true and complete record was sustained. Case-Laws Income Tax Wed, 11 Dec 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290586