https://www.taxtmi.com/caselaws?id=404214 The Tribunal upheld the CIT(A)'s decision, dismissing both the Revenue's appeals and the assessee's cross objections. It was held that the Assessing Officer cannot estimate income without rejecting the books of account or having material evidence. The Tribunal emphasized the importance of collecting taxes based on legitimate evidence rather than solely on admissions or guesswork. The admission of additional income by the assessee was deemed invalid as it was made under pressure and misunderstanding. en-us Wed, 23 Dec 2020 00:00:00 +0530 Fri, 19 Feb 2021 10:35:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404214 The Tribunal upheld the CIT(A)'s decision, dismissing both the Revenue's appeals and the assessee's cross objections. It was held that the Assessing Officer cannot estimate income without rejecting the books of account or having material evidence. The Tribunal emphasized the importance of collecting taxes based on legitimate evidence rather than solely on admissions or guesswork. The admission of additional income by the assessee was deemed invalid as it was made under pressure and misunderstanding. Case-Laws Income Tax Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404214