1980 (6) TMI 52

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....or the previous year relevant to the assessment year under consideration, the return was filed declaring income of Rs. 62,180. The ld. ITO was of the view that assessee did not maintain proper cash-book. According to him, the identity of the payees was not verifiable. So, in his opinion, from the books maintained by the assessee, true income is not ascertainable. 3. The assessee on total paymen....

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....om the books maintained by the assessee, true income is not ascertainable. The reason given by the ld. ITO for rejecting the books results is quite reasonable. So, technically, proviso to s. 145 of the Act is applicable. 8. The declared receipts have been accepted by the Department. It is the first year of the business of the assessee. The firm invested capital of Rs. 26,000 only. Even then, th....