https://www.taxtmi.com/caselaws?id=77564 The Tribunal upheld the best judgment assessment under section 144 of the Income-tax Act, 1961, estimating the net income at 10% of gross contract receipts for the assessment year 1997-98. The High Court affirmed the Tribunal's decision, emphasizing the importance of factual findings and the authority of the fact-finding body in making such estimations. Additionally, the Court ruled that interest income from bank deposits should be treated as income from other sources, not business income, unless the assessee is engaged in a money-lending business. Both the assessee's and the Department's appeals were dismissed based on these findings. en-us Mon, 23 Nov 2009 00:00:00 +0530 Fri, 05 Jul 2013 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77564 The Tribunal upheld the best judgment assessment under section 144 of the Income-tax Act, 1961, estimating the net income at 10% of gross contract receipts for the assessment year 1997-98. The High Court affirmed the Tribunal's decision, emphasizing the importance of factual findings and the authority of the fact-finding body in making such estimations. Additionally, the Court ruled that interest income from bank deposits should be treated as income from other sources, not business income, unless the assessee is engaged in a money-lending business. Both the assessee's and the Department's appeals were dismissed based on these findings. Case-Laws Income Tax Mon, 23 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77564