https://www.taxtmi.com/caselaws?id=38108 Where account books and supporting records do not permit a reliable deduction of true profits, the taxing authority may reject the accounts under section 13 and proceed to a reasonable estimate of income. The text notes that missing ticket records, unavailable counterfoils, and unreliable collection sheets supported rejection of the books. It further explains that an income estimate based on mileage, seating capacity, past collections, and a contingency margin is permissible if it has a rational business basis and is not conjectural. The discussion concludes that such estimation was upheld on the facts described. en-us Wed, 07 Sep 1977 00:00:00 +0530 Sat, 03 Apr 2010 12:17:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38108 Where account books and supporting records do not permit a reliable deduction of true profits, the taxing authority may reject the accounts under section 13 and proceed to a reasonable estimate of income. The text notes that missing ticket records, unavailable counterfoils, and unreliable collection sheets supported rejection of the books. It further explains that an income estimate based on mileage, seating capacity, past collections, and a contingency margin is permissible if it has a rational business basis and is not conjectural. The discussion concludes that such estimation was upheld on the facts described. Case-Laws Income Tax Wed, 07 Sep 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38108