ITAT explains theory of ‘preponderance of probability’, rejection of books and best judgement assessment

The aforesaid appeals have been filed by the assessee against separate impugned orders dated 30.07.1993 and even date of 14.01.1994, passed by learned  CIT(Appeals), Mumbai for the quantum of assessment passed u/s.143(3) for the assessment years 1984-85; 1985-86; and 1986-87 respectively. 2. Since the issues involved in all the appeals are common arising out of the identical set of facts, therefore, same were referred together and are being disposed of by way of this consolidated order. 3. As a prelude, it would be relevant to refer to the chequered history of the impugned appeals especiall...