1973 (8) TMI 152

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....lver ornaments. For the assessment year 1965-66 he filed returns disclosing a total turnover of Rs. 3,44,648.92 made up of sale of bullion Rs. 3,28,164.32 and sale of ornaments Rs. 16,484.60. The assessee's accounts were rejected and the turnover was estimated at Rs. 4,00,000 consisting of sale of ornaments at Rs. 1,00,000 and sale of bullion at Rs. 3,00,000. On appeal, the turnover of bullion ....

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....ntains his accounts from Asharh to Asharh while he is assessed on the basis of financial year. Thus, his accounting year falls in two assessment years. His accounts for the immediately preceding years were rejected. As part of the accounting year of the preceding assessment year projected into the present assessment year, the accounts for this year were also rejected on the ground that as part of ....

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....ales tax authorities have not pointed out what was wanting in the account books. We have pointed out on several occasions that the account books maintained by an assessee should not be lightly rejected. A resort to best judgment assessment can only be made if the account books produced are incomplete or otherwise unreliable and there is material to show that the assessee has suppressed his sales. ....