https://www.taxtmi.com/caselaws?id=786723 Where books of account contain defects, income may be estimated on a rational basis using past profitability and surrounding circumstances rather than assumptions alone. The Tribunal held that the net profit estimate was supported by the assessee's earlier profit pattern and the record, and the assessee produced no material to show that the estimate was arbitrary or unsupported. The appellate order was therefore treated as reasoned and based on relevant material, and the challenge to the estimate and the alleged non-consideration of the record failed. en-us Mon, 16 Feb 2026 00:00:00 +0530 Wed, 18 Feb 2026 08:11:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786723 Where books of account contain defects, income may be estimated on a rational basis using past profitability and surrounding circumstances rather than assumptions alone. The Tribunal held that the net profit estimate was supported by the assessee's earlier profit pattern and the record, and the assessee produced no material to show that the estimate was arbitrary or unsupported. The appellate order was therefore treated as reasoned and based on relevant material, and the challenge to the estimate and the alleged non-consideration of the record failed. Case-Laws Income Tax Mon, 16 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786723