https://www.taxtmi.com/caselaws?id=34267 Estimation of undisclosed income cannot rest on loose slips alone when there is no corroborating material such as sale bills, bank entries, or other evidence of unaccounted receipts. The analysis notes that while a false explanation may be relevant and some guesswork is permissible in making a fair estimate, the validity of any addition depends on the facts of each case. On the facts discussed, the Tribunal found the Assessing Officer's estimate unsupported by independent evidence, so the addition was not justified and no substantial question of law arose. en-us Wed, 22 Jul 2009 00:00:00 +0530 Thu, 14 May 2026 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34267 Estimation of undisclosed income cannot rest on loose slips alone when there is no corroborating material such as sale bills, bank entries, or other evidence of unaccounted receipts. The analysis notes that while a false explanation may be relevant and some guesswork is permissible in making a fair estimate, the validity of any addition depends on the facts of each case. On the facts discussed, the Tribunal found the Assessing Officer's estimate unsupported by independent evidence, so the addition was not justified and no substantial question of law arose. Case-Laws Income Tax Wed, 22 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34267