TMI Blog1978 (9) TMI 166X X X X Extracts X X X X X X X X Extracts X X X X ..... of turnover is based on any material?" During the assessment year 1964-65, which is the relevant year for this reference, a survey was held on 31st December, 1964. At that survey it was found that the kachchi rokar was incomplete and had not been written up for 30th and 31st December, 1964. A difference was found in the actual amount of cash available in the till and as shown in the account. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year 1964-65, the assessee had shown the sale of woollen goods in the category of stitched clothes, although that entry was corrected during the course of the year. The second ground taken was that at the time of the survey during the assessment year 1964-65, the account books of the assessee had not been written up-to-date. A revision was filed by the assessee for the year 1964-65 and another ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found in the accounts is not a sufficient ground for rejection of accounts. However, the other reason given by the Judge (Revisions) that the accounts had not been regularly maintained, affords material for rejecting the accounts. Before accounts of an assessee can be relied upon, the assessee should show that they are regularly maintained and, in absence of this, it would constitute material for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he profit rate applied by the Income-tax Officer for estimating the turnover of the assessee. There was as such material on the basis of which the estimate of turnover was made. Both the questions for the assessment year 1964-65 are answered in the affirmative, in favour of the department and against the assessee. The department is entitled to its costs, assessed at Rs. 200. Reference answered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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