Supreme Court of India
M/s. Kachwala Gems, Jaipur v. Joint Commissioner of Income Tax, Jaipur
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Income Tax Act, 1961: . s. I 44-Best judgment assessment-Books of accounts of assessee rejected as being defective-Tax authorities recording finding of bogus purchases Held, such finding cannot be interfered with in instant appeal-Cogent reasons given for rejection of books of accounts-In best judgment assessment there is always a certain degree of guess work, but there is no arbitrariness on part of income tax authorities warranting interference. Books of accounts of the appellant-assessee were found defective and the purchases shown were held to be bogus by the Assessing Officer. He
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