https://www.taxtmi.com/caselaws?id=127433 A best judgment assessment of turnover cannot rest on pure guesswork or a gross profit estimate based on mere surmise and conjecture. The assessing authority must rely on some disclosed material capable of giving a fair basis for the estimate, and if comparable trades or similar businesses are used, the assessee must be informed of that basis and given an opportunity to meet it. Confidentiality of statements or records did not justify withholding the material foundation of the estimate. On the facts, the percentage addition lacked adequate material, so the assessment was set aside and the matter remitted for fresh reassessment after allowing the assessee to adduce evidence. en-us Thu, 08 Sep 1955 00:00:00 +0530 Fri, 08 Mar 2013 18:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=127433 A best judgment assessment of turnover cannot rest on pure guesswork or a gross profit estimate based on mere surmise and conjecture. The assessing authority must rely on some disclosed material capable of giving a fair basis for the estimate, and if comparable trades or similar businesses are used, the assessee must be informed of that basis and given an opportunity to meet it. Confidentiality of statements or records did not justify withholding the material foundation of the estimate. On the facts, the percentage addition lacked adequate material, so the assessment was set aside and the matter remitted for fresh reassessment after allowing the assessee to adduce evidence. Case-Laws VAT and Sales Tax Thu, 08 Sep 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=127433