1989 (10) TMI 239

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..... Honourable the Chief Justice.) The Commissioner of Income-tax, Madras, referred for decision of this Court under the provisions of Section 66 (2) of the Indian Income-tax Act, 1922, the following question: Whether there was any material before the Assistant Commissioner to justify his conclusion that the petitioner's business profits could not properly be deduced from the .....

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..... of this account cannot be objected to. In these circumstances, the Income-tax authorities had to estimate what was the income of the assessee for the period mentioned. They assessed him on the sum of ₹ 26,500 which was based on the average rate of profits made by other manufacturers of cigars and beedies and also on the profits which the assessee had made in previous years. No just exceptio .....

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