Best judgment assessment: record component deductions so remission or cessation can be taxed and allowances withdrawn. Instruction requires that where total income is estimated under section 144, the assessment order must expressly state amounts taken into account for (i) expenses in the profit and loss account, (ii) depreciation on assets, and (iii) development rebate allowance, so that subsequent remission or cessation can be taxed under section 41(1), balancing charges under section 41(2) can be applied, and development rebate previously allowed can be withdrawn under section 155(5).
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Best judgment assessment: record component deductions so remission or cessation can be taxed and allowances withdrawn.
Instruction requires that where total income is estimated under section 144, the assessment order must expressly state amounts taken into account for (i) expenses in the profit and loss account, (ii) depreciation on assets, and (iii) development rebate allowance, so that subsequent remission or cessation can be taxed under section 41(1), balancing charges under section 41(2) can be applied, and development rebate previously allowed can be withdrawn under section 155(5).
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