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TMI Blog1972 (2) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... 0, respectively. The assessee is common in both the cases. He was carrying on transport business, in addition to running a rice and flour mill and a cinema theatre. In this case, we are concerned with the assessee's business in transport. The assessee's account books relating to his transport business were burnt in a fire accident on November 19, 1958, and this fact has not been disputed by the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of account of the assessee. The assessee appealed to the Appellate Assistant Commissioner who confirmed the view taken by the Income-tax Officer. On appeal, the Tribunal, however, came to a different conclusion. The Tribunal, following the decision of this court in P. Appavu Pillai v. Commissioner of Income-tax, held that there was sufficient compliance with the provisions of Explanation 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elopment rebate being made, only when an amount equal to seventy-five per cent. of the development rebate to be actually allowed is debited to the profit and loss account of the relevant previous year and credited to a reserve account to be utilised by him during a period of ten years next following for the purposes of the business of the undertaking. In this case, the assessee has produced profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of machinery has been written off. From the above decision, it is seen that, even in a case where there is a statutory requirement as to the proper entries being made in the regular books of account, the view was taken that the maintenance of day books and ledger, etc., as usually done by business men, is not indispensable. The case before us is an a fortiori one. It does not appear to be o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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