https://www.taxtmi.com/caselaws?id=792139 Estimation of income at 8% of total deposits could not be finalized on the existing record because the assessee later placed material suggesting the deposits comprised freight receipts, cattle transactions, commission income, and redeposits of earlier withdrawals. As the explanation before the Assessing Officer had covered only part of the receipts, the Tribunal held that the evidence required verification and further examination before any final addition could be sustained. The matter was remitted to the Assessing Officer for fresh adjudication in accordance with law, and the appeal was allowed for statistical purposes. en-us Thu, 21 May 2026 00:00:00 +0530 Sat, 23 May 2026 08:27:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792139 Estimation of income at 8% of total deposits could not be finalized on the existing record because the assessee later placed material suggesting the deposits comprised freight receipts, cattle transactions, commission income, and redeposits of earlier withdrawals. As the explanation before the Assessing Officer had covered only part of the receipts, the Tribunal held that the evidence required verification and further examination before any final addition could be sustained. The matter was remitted to the Assessing Officer for fresh adjudication in accordance with law, and the appeal was allowed for statistical purposes. Case-Laws Income Tax Thu, 21 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792139