"18 July 1975" Archive

Once the books of account of an assessee are rejected then profit has to be estimated

Dabros Industrial Co. (P.) Ltd. Vs Commissioner of Income-Tax (Calcutta High Court)

We have to ascertain whether there was any evidence or material before the Tribunal to estimate the profits. It is not disputed that the books of account of the assessee were not accepted. That being so, profit had to be estimated. Such estimate was made by the authorities on the basis of the performance of the predecessor-in-interest of ...

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