https://www.taxtmi.com/caselaws?id=32118 Estimation of business income must be based on relevant material and not on arbitrary guesswork; on the facts noted in survey, the lower estimate of business income was treated as a permissible assessment exercise. Survey-found excess stock could support an addition as unexplained investment under section 69 where the inventory is substantially reliable, even if a marginal error is accepted. Interest under section 234B could not be sustained in the absence of a specific order by the Assessing Officer, so the interest levy failed while the income and unexplained investment additions were upheld. en-us Fri, 24 Oct 2008 00:00:00 +0530 Thu, 15 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32118 Estimation of business income must be based on relevant material and not on arbitrary guesswork; on the facts noted in survey, the lower estimate of business income was treated as a permissible assessment exercise. Survey-found excess stock could support an addition as unexplained investment under section 69 where the inventory is substantially reliable, even if a marginal error is accepted. Interest under section 234B could not be sustained in the absence of a specific order by the Assessing Officer, so the interest levy failed while the income and unexplained investment additions were upheld. Case-Laws Income Tax Fri, 24 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32118