https://www.taxtmi.com/caselaws?id=794239 Estimation of business income at 8% was not sustained where the assessee's transport receipts were TDS-covered and the claimed loss arose from increased operating costs. Rejection of the loss claim based only on non-filing of a return in response to reassessment, absence of audit, and self-made vouchers was not treated as sufficient without first examining whether the expenditure and loss could be substantiated. The assessee had also not been given an adequate opportunity to explain the claim. The matter was therefore remanded for fresh adjudication after allowing substantiation of the loss. en-us Mon, 29 Jun 2026 00:00:00 +0530 Thu, 02 Jul 2026 08:07:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794239 Estimation of business income at 8% was not sustained where the assessee's transport receipts were TDS-covered and the claimed loss arose from increased operating costs. Rejection of the loss claim based only on non-filing of a return in response to reassessment, absence of audit, and self-made vouchers was not treated as sufficient without first examining whether the expenditure and loss could be substantiated. The assessee had also not been given an adequate opportunity to explain the claim. The matter was therefore remanded for fresh adjudication after allowing substantiation of the loss. Case-Laws Income Tax Mon, 29 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794239