Best judgment assessment permits the assessing officer to determine chargeable expenditure when returns or accounts are missing or incomplete. Section 10 provides that where a person fails to file a required return, fails to comply with a notice, or the Assessing Officer is not satisfied with the ... Summary
Best judgment assessment permits the assessing officer to determine chargeable expenditure when returns or accounts are missing or incomplete.
Section 10 provides that where a person fails to file a required return, fails to comply with a notice, or the Assessing Officer is not satisfied with the correctness or completeness of accounts, the Assessing Officer shall, after taking into account all relevant material gathered, make a written best judgment assessment of the chargeable expenditure and determine the sum payable or refundable on that basis.
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