https://www.taxtmi.com/caselaws?id=49688 Rule 2 prescribes two separate determinations for computing assessable profits: an independent calculation of gross external incomings of the preceding year less management expenses under clause (a), and an annual average surplus ascertained by actuarial valuation under clause (b); the higher of the two governs. An assessment that adopts clause (b) figures without conducting or recording an independent enquiry and determination under clause (a) is deficient. Where clause (a) was not independently determined and no withholding of necessary materials was found, the proper remedy is remittance for fresh enquiry and disposal in accordance with rule 2. en-us Mon, 01 Nov 1954 00:00:00 +0530 Tue, 09 Sep 2014 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49688 Rule 2 prescribes two separate determinations for computing assessable profits: an independent calculation of gross external incomings of the preceding year less management expenses under clause (a), and an annual average surplus ascertained by actuarial valuation under clause (b); the higher of the two governs. An assessment that adopts clause (b) figures without conducting or recording an independent enquiry and determination under clause (a) is deficient. Where clause (a) was not independently determined and no withholding of necessary materials was found, the proper remedy is remittance for fresh enquiry and disposal in accordance with rule 2. Case-Laws Income Tax Mon, 01 Nov 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49688