https://www.taxtmi.com/caselaws?id=208730 Estimation of income on a best-judgment basis was upheld where the assessee had not maintained books of account. The appellate authority estimated income per truck by relying on past history, the nature of the transport business, material placed before the Settlement Commission, and comparable receipts of family members in similar business. The Tribunal agreed that, in the absence of books, no precise mathematical formula was possible and the matter depended on factual appreciation rather than a legal principle. No substantial question of law arose under section 260A, so the Revenue's challenge to the factual estimate was not maintainable. en-us Fri, 22 Jan 2010 00:00:00 +0530 Fri, 27 Jan 2012 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208730 Estimation of income on a best-judgment basis was upheld where the assessee had not maintained books of account. The appellate authority estimated income per truck by relying on past history, the nature of the transport business, material placed before the Settlement Commission, and comparable receipts of family members in similar business. The Tribunal agreed that, in the absence of books, no precise mathematical formula was possible and the matter depended on factual appreciation rather than a legal principle. No substantial question of law arose under section 260A, so the Revenue's challenge to the factual estimate was not maintainable. Case-Laws Income Tax Fri, 22 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208730