https://www.taxtmi.com/caselaws?id=169659 An addition treating encashed high denomination notes as taxable income was held unsustainable where the Tribunal's estimate rested on no stated material or reasoning. The Court said a finding based on conjecture, suspicion, or arbitrary estimate is not a valid finding of fact, and interference is justified when the fact-finding authority acts without evidence or reaches a conclusion no reasonable judicial mind could accept. It also held that the assessee's explanation could not be rejected merely because daily cash details were not recorded or because the exact source of each note was not proved on the record. en-us Wed, 02 Nov 1960 00:00:00 +0530 Wed, 29 Apr 2015 12:56:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169659 An addition treating encashed high denomination notes as taxable income was held unsustainable where the Tribunal's estimate rested on no stated material or reasoning. The Court said a finding based on conjecture, suspicion, or arbitrary estimate is not a valid finding of fact, and interference is justified when the fact-finding authority acts without evidence or reaches a conclusion no reasonable judicial mind could accept. It also held that the assessee's explanation could not be rejected merely because daily cash details were not recorded or because the exact source of each note was not proved on the record. Case-Laws Income Tax Wed, 02 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169659