https://www.taxtmi.com/caselaws?id=6911 After rejection of accounts, an estimated addition for suppressed transactions must rest on relevant material evidence and not on mere suspicion or pure guess. Here, the assessment relied on material indicating an earlier commencement of business than shown in the books, omitted transactions, and an unexplained cash credit, but a substantial part of the basis for the estimate was later held irrelevant. As the figure could not be shown to rest independently on the remaining relevant material, the estimated profit addition was not justified in law and the assessee succeeded. en-us Wed, 23 Feb 1966 00:00:00 +0530 Sat, 07 Feb 2009 08:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6911 After rejection of accounts, an estimated addition for suppressed transactions must rest on relevant material evidence and not on mere suspicion or pure guess. Here, the assessment relied on material indicating an earlier commencement of business than shown in the books, omitted transactions, and an unexplained cash credit, but a substantial part of the basis for the estimate was later held irrelevant. As the figure could not be shown to rest independently on the remaining relevant material, the estimated profit addition was not justified in law and the assessee succeeded. Case-Laws Income Tax Wed, 23 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6911