https://www.taxtmi.com/caselaws?id=62264 In a best judgment assessment, an advance kist payment made to obtain abkari rights was treated as business expenditure for the relevant year of use, so the section 43B disallowance was deleted. The income estimate from arrack business was found excessive on comparable business data and prevailing trends, so the tribunal reduced the estimate to a lower per-litre basis and granted partial relief. Penalty for delayed filing of the return was sustained because the delay was substantial and no credible evidence supported the explanation, though the quantum required recomputation to reflect the relief allowed in the quantum appeal. en-us Wed, 14 Jun 1995 00:00:00 +0530 Tue, 18 Jan 2011 18:45:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62264 In a best judgment assessment, an advance kist payment made to obtain abkari rights was treated as business expenditure for the relevant year of use, so the section 43B disallowance was deleted. The income estimate from arrack business was found excessive on comparable business data and prevailing trends, so the tribunal reduced the estimate to a lower per-litre basis and granted partial relief. Penalty for delayed filing of the return was sustained because the delay was substantial and no credible evidence supported the explanation, though the quantum required recomputation to reflect the relief allowed in the quantum appeal. Case-Laws Income Tax Wed, 14 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62264