1980 (6) TMI 52

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 payment of Rs. 6,07,097 declared profit of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ee, 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, the declared income was Rs. 62,180. The .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X