https://www.taxtmi.com/caselaws?id=261635 The High Court remanded the case back to the Tribunal, emphasizing the need for evidence-based estimation of business income rather than guesswork. The Tribunal directed the Assessing Officer to consider past history and comparable cases in similar businesses to arrive at a fair estimate. The order of the CIT(A) was set aside, and the matter was sent back for fresh consideration, allowing the assessee an opportunity to present their case. The appeal was considered allowed for statistical purposes. en-us Fri, 10 Jul 2015 00:00:00 +0530 Sat, 18 Jul 2015 08:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261635 The High Court remanded the case back to the Tribunal, emphasizing the need for evidence-based estimation of business income rather than guesswork. The Tribunal directed the Assessing Officer to consider past history and comparable cases in similar businesses to arrive at a fair estimate. The order of the CIT(A) was set aside, and the matter was sent back for fresh consideration, allowing the assessee an opportunity to present their case. The appeal was considered allowed for statistical purposes. Case-Laws Income Tax Fri, 10 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261635