https://www.taxtmi.com/caselaws?id=5035 A quasi-judicial tax tribunal must base any estimate of undisclosed income on evidence, reasons and probabilities disclosed on the record; it cannot sustain a reduced addition on conjecture, surmises or an unsupported figure. Where the tribunal disbelieves the assessee's explanation but makes an arbitrary estimate without material basis, that finding is not justified in law and is liable to be rejected. The reference jurisdiction also required the matter to be reconsidered and disposed of afresh by the tribunal in accordance with law after hearing the parties. en-us Tue, 18 Apr 1967 00:00:00 +0530 Tue, 12 Aug 2014 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5035 A quasi-judicial tax tribunal must base any estimate of undisclosed income on evidence, reasons and probabilities disclosed on the record; it cannot sustain a reduced addition on conjecture, surmises or an unsupported figure. Where the tribunal disbelieves the assessee's explanation but makes an arbitrary estimate without material basis, that finding is not justified in law and is liable to be rejected. The reference jurisdiction also required the matter to be reconsidered and disposed of afresh by the tribunal in accordance with law after hearing the parties. Case-Laws Income Tax Tue, 18 Apr 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5035