https://www.taxtmi.com/caselaws?id=215910 Income-tax additions for alleged under-invoicing could not be sustained solely on excise show-cause material and settlement proceedings because no direct evidence of suppressed turnover was available; the Tribunal restored that issue to the Assessing Officer for fresh examination. It also held that gross profit could not be estimated where the books of account were maintained, no defects were pointed out, and the books were not rejected; the estimated addition was therefore deleted. The decision underscores that excise proceedings do not by themselves determine income under the Income-tax Act and that estimation requires a proper evidentiary foundation. en-us Thu, 28 Jun 2012 00:00:00 +0530 Wed, 22 Aug 2012 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215910 Income-tax additions for alleged under-invoicing could not be sustained solely on excise show-cause material and settlement proceedings because no direct evidence of suppressed turnover was available; the Tribunal restored that issue to the Assessing Officer for fresh examination. It also held that gross profit could not be estimated where the books of account were maintained, no defects were pointed out, and the books were not rejected; the estimated addition was therefore deleted. The decision underscores that excise proceedings do not by themselves determine income under the Income-tax Act and that estimation requires a proper evidentiary foundation. Case-Laws Income Tax Thu, 28 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215910