https://www.taxtmi.com/caselaws?id=49227 The assessment of unaccounted yarn could not rest on selected registers alone where the assessee maintained interconnected books covering cotton purchase, yarn production, reeling, cloth production and sale contracts. A fact-finding authority must examine all relevant records, accept or reject them for cogent reasons, and address the assessee's explanation that the sale contract figures were only estimates and that actual cloth production reflected the true position. The matter required a fresh enquiry on the entire material, and the assessment on this point was remitted for reconsideration, with tax liability not to be increased beyond the original assessment. en-us Thu, 01 Oct 1964 00:00:00 +0530 Thu, 21 Aug 2014 21:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49227 The assessment of unaccounted yarn could not rest on selected registers alone where the assessee maintained interconnected books covering cotton purchase, yarn production, reeling, cloth production and sale contracts. A fact-finding authority must examine all relevant records, accept or reject them for cogent reasons, and address the assessee's explanation that the sale contract figures were only estimates and that actual cloth production reflected the true position. The matter required a fresh enquiry on the entire material, and the assessment on this point was remitted for reconsideration, with tax liability not to be increased beyond the original assessment. Case-Laws Income Tax Thu, 01 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49227