https://www.taxtmi.com/caselaws?id=58425 Where books of account are found unreliable, estimated income may be sustained on reasonable material, and sales can be estimated on the evidence available. In this matter, the Tribunal upheld rejection of the book results and accepted the estimated sales figure as reasonable because true income could not be properly ascertained from the books. It also reduced the gross profit rate from the level previously applied, taking into account the higher disclosed sales in the year under consideration and the past comparable rate, and directed application of 9 per cent on the estimated sales, giving the assessee partial relief. en-us Mon, 30 Jun 1980 00:00:00 +0530 Sat, 18 Dec 2010 18:52:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58425 Where books of account are found unreliable, estimated income may be sustained on reasonable material, and sales can be estimated on the evidence available. In this matter, the Tribunal upheld rejection of the book results and accepted the estimated sales figure as reasonable because true income could not be properly ascertained from the books. It also reduced the gross profit rate from the level previously applied, taking into account the higher disclosed sales in the year under consideration and the past comparable rate, and directed application of 9 per cent on the estimated sales, giving the assessee partial relief. Case-Laws Income Tax Mon, 30 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58425