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PETITIONER: S. N. NAMASIVAYAM CHETTIAR
Vs.
RESPONDENT: THE COMMISSIONER OF INCOME-TAX,MADRAS(With connected appeals
DATE OF JUDGMENT: 03/02/1960
BENCH: KAPUR, J.L. BENCH: KAPUR, J.L. HIDAYATULLAH, M.
CITATION: 1960 AIR 729 1960 SCR (2) 885 CITATOR INFO : RF 1991 SC1338 (14)
ACT: Income Tax-Asscssment-Rejection of accounts and estimate of Profits-Computation of Profits supported by cases of other assessees Stock register--Effect of Non-production-Indian Income-tax Act, 1922 (XI Of 1922) S. 13 Proviso.
HEADNOTE: The appellant, a resident and ordinarily resident in India, carried on trade in Colombo in grains and foodstuffs for cattle. For the relevant assessment years the Income-tax Officer rejected the accounts produced by the appellant on the grounds inter alia that there was absence of vouchers and that the stock account and the manufacturing account had not been kept or produced; and he then made an estimate of the profits. The Appellate Tribunal also agreed with the Income-tax Officer and held that the correct profits could not be deduced from the books produced by the assessee and that therefore the proviso to s. 13 of the (1)(1959) II L.L.J. 38. 886 Indian income-tax Act, 1922 applied. Having taken into consideration all the relevant factors it computted the profits at 15 on grains imported from India and 12...