9911796707
TMI Blog1973 (8) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... .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 was enhanced to Rs. 3,30,000 and that of ornaments was reduced to Rs. 60,000. His plea for the acceptance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 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 the accounts had already been rejected, the entire accounts stood vitiated. This reasoning is wholly wrong. Each asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions 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. In the absence of such a finding, best judgment assessment is not permissible. In the instant case, no material has b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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