Best judgment assessment allows tax authorities to fix tax basis when returns or compliance are absent, subject to hearing. Best judgment assessment allows the Assessing Officer to determine the tax basis when the assessee fails to furnish returns, comply with notices or directions, depart from prescribed accounting methods or notified accounting standards, or where accounts appear incorrect or incomplete. The officer must consider all relevant material on record when making the assessment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Best judgment assessment allows tax authorities to fix tax basis when returns or compliance are absent, subject to hearing.
Best judgment assessment allows the Assessing Officer to determine the tax basis when the assessee fails to furnish returns, comply with notices or directions, depart from prescribed accounting methods or notified accounting standards, or where accounts appear incorrect or incomplete. The officer must consider all relevant material on record when making the assessment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
