https://www.taxtmi.com/caselaws?id=290590 Unreliable or non-genuine account books need not be accepted where they do not reflect the true business results, and income may be computed by estimation under Section 23(3) of the Income-tax Act, 1922 rather than under Section 13. The text also notes that comparable profit rates of similar traders may be used as corroborative material when assessing income, provided the authority has examined the assessee's own dealings and surrounding circumstances and no real prejudice is shown. The commentary emphasizes that best judgment assessment is permissible when the books are untrustworthy and that reference to local trade data does not by itself invalidate the estimate. en-us Thu, 11 May 1939 00:00:00 +0530 Tue, 06 Oct 2020 14:10:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290590 Unreliable or non-genuine account books need not be accepted where they do not reflect the true business results, and income may be computed by estimation under Section 23(3) of the Income-tax Act, 1922 rather than under Section 13. The text also notes that comparable profit rates of similar traders may be used as corroborative material when assessing income, provided the authority has examined the assessee's own dealings and surrounding circumstances and no real prejudice is shown. The commentary emphasizes that best judgment assessment is permissible when the books are untrustworthy and that reference to local trade data does not by itself invalidate the estimate. Case-Laws Income Tax Thu, 11 May 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290590