https://www.taxtmi.com/caselaws?id=276396 The Tribunal upheld the Assessing Officer's 5% estimation of income from liquor sales, emphasizing the need for the assessee to provide specific reasons for deviations from standard profit margins. The decision highlighted that unless the estimation was arbitrary or illogical, the appellate authority should not substitute its opinion, reaffirming the principle that estimations in tax assessments involve some guesswork and should be upheld if reasonable. The Tribunal dismissed the appeal, stating that in the absence of complete details and valid reasons for lower profits, the Assessing Officer's estimation was deemed reasonable. en-us Thu, 21 Sep 2017 00:00:00 +0530 Fri, 09 Nov 2018 18:59:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276396 The Tribunal upheld the Assessing Officer's 5% estimation of income from liquor sales, emphasizing the need for the assessee to provide specific reasons for deviations from standard profit margins. The decision highlighted that unless the estimation was arbitrary or illogical, the appellate authority should not substitute its opinion, reaffirming the principle that estimations in tax assessments involve some guesswork and should be upheld if reasonable. The Tribunal dismissed the appeal, stating that in the absence of complete details and valid reasons for lower profits, the Assessing Officer's estimation was deemed reasonable. Case-Laws Income Tax Thu, 21 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276396