https://www.taxtmi.com/caselaws?id=49584 Where books of account were materially defective and vouchers, stock records and manufacturing accounts were absent or unexplained, the Tribunal correctly applied the proviso to the income tax provision to reject the books and estimate profits; the Tribunal used admitted turnover and contemporaneous market evidence to fix profits rather than relying solely on other cases. No undisclosed external material was used against the assessee and procedural fairness was preserved because the assessee had opportunity to meet defects. On these grounds the SC upheld the Tribunal's estimation and dismissed the appeals against the assessee. en-us Wed, 03 Feb 1960 00:00:00 +0530 Wed, 03 Sep 2014 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49584 Where books of account were materially defective and vouchers, stock records and manufacturing accounts were absent or unexplained, the Tribunal correctly applied the proviso to the income tax provision to reject the books and estimate profits; the Tribunal used admitted turnover and contemporaneous market evidence to fix profits rather than relying solely on other cases. No undisclosed external material was used against the assessee and procedural fairness was preserved because the assessee had opportunity to meet defects. On these grounds the SC upheld the Tribunal's estimation and dismissed the appeals against the assessee. Case-Laws Income Tax Wed, 03 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49584