Existing efforts on Just noticeable difference (JND) estimation mainly dedicate to modeling the visibility masking effects of different factors in spatial and frequency domains, and then fusing them into an overall JND estimate. However, the overall visibility masking effect can be related with more contributing factors beyond those have been considered in the literature and it is also insufficiently accurate to formulate the masking effect even for an individual factor. Moreover, the potential interactions among different masking effects are also difficult to be characterized with a simple fusion model. In this work, we turn to a dramatically different way to address these problems with a top-down design philosophy. Instead of formulating and fusing multiple masking effects in a bottom-up way, the proposed JND estimation model directly generates a critical perceptual lossless (CPL) image from a top-down perspective and calculates the difference map between the original image and the CPL image as the final JND map. Given an input image, an adaptively critical point (perceptual lossless threshold), defined as the minimum number of spectral components in Karhunen-Lo\'{e}ve Transform (KLT) used for perceptual lossless image reconstruction, is derived by exploiting the convergence characteristics of KLT coefficient energy. Then, the CPL image can be reconstructed via inverse KLT according to the derived critical point. Finally, the difference map between the original image and the CPL image is calculated as the JND map. The performance of the proposed JND model is evaluated with two applications including JND-guided noise injection and JND-guided image compression. Experimental results have demonstrated that our proposed JND model can achieve better performance than several latest JND models.