Accounts

Sanctity has to be granted to accounts prepared under the provisions of insurance law and an Assessing Officer did not have authority to upset the integrity of such accounts.

Law does not cast any obligation on the assessee to maintain accounts and no adverse inference can be drawn for failing to maintain accounts

Where, however, accounts are maintained and the same are not produced or are suppressed, adverse inference can be drawn.

Income-tax-Accounts-Rejection-Returned yield very low-Profits of other items not shown in accounts-Whether proper reasons for rejecting accounts-Kerala Agricultural Income-tax Act, 1950.

Suit for—Plaintiff not entitled to value claim arbitrarily and could be directed by Court to make reasonable valuation on basis of his knowledge and information-Plaint seeking decree for Rs. 81,821.50 but valuing his claim for purpose of court fees at Rs. 200.00 only-Held, plaintiff should have valued suit for purpose of court fees at Rs. 81,821.50.

-Accounts-Rejection-Estimate of income based on comparable cases-Duty to give notice and opportunity to rebut, to the assessee-Indian Income-tax Act, 1922, S. 13, proviso.

-Accounts-Rejection of accounts-Estimate of income-Duty of Income-tax Officer to consider nature of accounts before rejection-Indian Income-tax Act, 1922, S. 13, proviso.

S. 7-Accounts-Suit for Court-fee-Plaintiff at liberty to value suit for purposes of court fee; at any figure lie chooses-for purpose of choosing forum of appeal arising out of such suit, appellant to follow value put by plaintiff himself-Suits Valuation Act (VII of 1887), S. 8.

Accounts-Mutual, open and current account-Mere fact that promissory note for amount due taken at one stage as additional security-Would not change nature and character of account.

Accounts Accounts-Unexplained deposits by assessee-Whether assessable as undisclosed profits-Burden of proof-Failure of assessee to give satisfactory explanation-Duty of Income-tax Authorities to consider all the facts-Amounts added back to assessee's income as suppressed profits, and losses disallowed, must be taken into account to avoid double taxation.

Accuracy of accounts disclosed by defendant, held, not in dispute.

Accounts -Suit for-Co-owner may sue other co-owners for rendition of accounts.

"Production" of accounts at meetings of part­ners-Does not amount to "rendering" of accounts so as to defeat a suit for rendering accounts by a partner-[Firm of Kirparam Brij Lal v. Firm of Sukh Dev Bakhsh A I R 1922 Lah. 195 and Radhikaprasad Dani v. Nandkumar Laxman Prasad and others A I R 1944 Nag. 7 ref.].

Accounts Accounts-"Production" of accounts at meetings of part-ners-Does not amount to "rendering" of accounts so as to defeat a suit for rendering accounts by a partner-[Firm of Kirparam Brij

Accounts Suit for-Preliminary decree-Question of possession of account books to be settled by Court-Commissioner for inspection and taking of accounts-Scope of authority limited.

Board will determine question of princifle and not consider mere items. In matters relating to accounts the Board will determine any question of principle involved but will not consider mere items of account.