Recently technological advances now enable time-gated acquisitions of photons at very fast rates. This can allow one to separate scattered and unscattered photons in transillumination imaging. Time-resolved transillumination (TRT) imaging opens the door to an new type of imaging through turbid (scattering) media such as soft tissue and fog/smoke, and exciting potential applications in bioimaging and surveillance. This paper proposes a novel Maximum Likelihood based approach to TRT image reconstruction.