https://www.taxtmi.com/caselaws?id=63225 Trading results cannot be rejected under section 145 merely because daily production is derived using a wastage formula where regularly maintained books and quantitative records show no specific defect, suppression, or unreliability. The trading addition was therefore deleted. A valuation reference may be permissible during assessment, but a Departmental Valuation Officer's estimate alone does not establish unexplained investment where purchase and expenditure records are maintained and no material proves actual excess investment under section 69B. The construction-cost additions were consequently deleted. The governing principle is that doubtful production calculations or competing valuation estimates, without evidence of unreliable accounts, suppressed income, or excess investment, cannot support an addition. en-us Fri, 24 Feb 1995 00:00:00 +0530 Fri, 28 Jan 2011 15:33:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63225 Trading results cannot be rejected under section 145 merely because daily production is derived using a wastage formula where regularly maintained books and quantitative records show no specific defect, suppression, or unreliability. The trading addition was therefore deleted. A valuation reference may be permissible during assessment, but a Departmental Valuation Officer's estimate alone does not establish unexplained investment where purchase and expenditure records are maintained and no material proves actual excess investment under section 69B. The construction-cost additions were consequently deleted. The governing principle is that doubtful production calculations or competing valuation estimates, without evidence of unreliable accounts, suppressed income, or excess investment, cannot support an addition. Case-Laws Income Tax Fri, 24 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63225