1972 (2) TMI 2

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....o assessment years 1958-59 and 1959-60, respectively. The assessee is common in both the cases. He was carrying on transport business, in addition to running a rice and flour mill and a cinema theatre. In this case, we are concerned with the assessee's business in transport. The assessee's account books relating to his transport business were burnt in a fire accident on November 19, 1958, and this....

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....t been shown to have been made in the books of account of the assessee. The assessee appealed to the Appellate Assistant Commissioner who confirmed the view taken by the Income-tax Officer. On appeal, the Tribunal, however, came to a different conclusion. The Tribunal, following the decision of this court in P. Appavu Pillai v. Commissioner of Income-tax, held that there was sufficient compliance ....

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....see. It merely postulates the claim for development rebate being made, only when an amount equal to seventy-five per cent. of the development rebate to be actually allowed is debited to the profit and loss account of the relevant previous year and credited to a reserve account to be utilised by him during a period of ten years next following for the purposes of the business of the undertaking. In ....

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....m which it could be found that actually the value of machinery has been written off. From the above decision, it is seen that, even in a case where there is a statutory requirement as to the proper entries being made in the regular books of account, the view was taken that the maintenance of day books and ledger, etc., as usually done by business men, is not indispensable. The case before us is an....