https://www.taxtmi.com/caselaws?id=290591 Where an assessee's books are materially incomplete, irregular and unreliable, the revenue may disregard them and complete the assessment on estimate. The accounts here omitted material entries on interest, advances, realisations and transactions, and no proper capital account or investment list was maintained; unsupported explanations for the omissions reinforced the defect in the record. On those facts, the taxing authority had sufficient material to reject the books, proceed by best judgment assessment, and no referable question of law arose. The refusal to state a case was therefore upheld and the petition dismissed. en-us Mon, 11 Nov 1940 00:00:00 +0530 Tue, 06 Oct 2020 14:13:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290591 Where an assessee's books are materially incomplete, irregular and unreliable, the revenue may disregard them and complete the assessment on estimate. The accounts here omitted material entries on interest, advances, realisations and transactions, and no proper capital account or investment list was maintained; unsupported explanations for the omissions reinforced the defect in the record. On those facts, the taxing authority had sufficient material to reject the books, proceed by best judgment assessment, and no referable question of law arose. The refusal to state a case was therefore upheld and the petition dismissed. Case-Laws Income Tax Mon, 11 Nov 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290591