https://www.taxtmi.com/caselaws?id=158714 An assessment based solely on one day's sales was found unsustainable where the Revenue did not independently establish any omission or suppression. The Court held that extrapolating one day sales to the entire year was not a scientific or legally reliable method, particularly without accounting for normal, festive, seasonal, or other trading variations. The Tribunal's view that the estimated addition was unjustified was upheld, and the consequential penalty could not survive because the underlying addition failed. The appellate authorities' modified assessment was therefore left undisturbed. en-us Mon, 13 Mar 2006 00:00:00 +0530 Wed, 19 Feb 2014 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158714 An assessment based solely on one day's sales was found unsustainable where the Revenue did not independently establish any omission or suppression. The Court held that extrapolating one day sales to the entire year was not a scientific or legally reliable method, particularly without accounting for normal, festive, seasonal, or other trading variations. The Tribunal's view that the estimated addition was unjustified was upheld, and the consequential penalty could not survive because the underlying addition failed. The appellate authorities' modified assessment was therefore left undisturbed. Case-Laws Income Tax Mon, 13 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158714