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of <h1>Section 72 Finance Act 1994: Best Judgment Assessment for Service Tax Non-Compliance and Incorrect Returns</h1> Section 72 of the Finance Act, 1994, addresses the best judgment assessment for service tax. It applies when a person liable to pay service tax fails to file a return under Section 70 or files a return but does not assess the tax correctly according to the relevant provisions. In such cases, a Central Excise Officer can request necessary documents and evidence from the person. After considering all available material and providing an opportunity for a hearing, the officer will assess the taxable service value and determine the payable or refundable amount based on this assessment. This provision was inserted by the Finance Act, 2008.
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