https://www.taxtmi.com/caselaws?id=7709 The Tribunal's estimate-based addition was not treated as arbitrary because it rested on detailed reasons recorded by the Income-tax Officer and affirmed by the Appellate Assistant Commissioner, which formed part of the case record through the annexed orders. The High Court stated that it could examine those orders to test whether the Tribunal's conclusion was justified. As the assessee showed no substantial defect in the reasoning below, no denial of opportunity, and no basis to characterise the estimate as conjectural or speculative, the addition was upheld and the reference was answered against the assessee and in favour of the Revenue. en-us Mon, 21 Jul 1969 00:00:00 +0530 Tue, 17 Mar 2009 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7709 The Tribunal's estimate-based addition was not treated as arbitrary because it rested on detailed reasons recorded by the Income-tax Officer and affirmed by the Appellate Assistant Commissioner, which formed part of the case record through the annexed orders. The High Court stated that it could examine those orders to test whether the Tribunal's conclusion was justified. As the assessee showed no substantial defect in the reasoning below, no denial of opportunity, and no basis to characterise the estimate as conjectural or speculative, the addition was upheld and the reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Mon, 21 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7709