https://www.taxtmi.com/caselaws?id=150420 A best judgment assessment under the Punjab Agricultural Produce Markets Rules is valid only when it is based on relevant material, honest estimation and fair procedure. The authority cannot extrapolate from a single discrepancy to the entire period without enquiring into actual business, possible concealment and the likely value of unentered transactions. Where books are rejected, the assessee must be confronted with material gathered from other sources and given an effective opportunity to respond. An estimate founded on guess-work alone, without rational basis or observance of natural justice, is arbitrary and unsustainable; the resulting demand also cannot stand. en-us Wed, 20 Sep 1972 00:00:00 +0530 Thu, 16 May 2013 15:48:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150420 A best judgment assessment under the Punjab Agricultural Produce Markets Rules is valid only when it is based on relevant material, honest estimation and fair procedure. The authority cannot extrapolate from a single discrepancy to the entire period without enquiring into actual business, possible concealment and the likely value of unentered transactions. Where books are rejected, the assessee must be confronted with material gathered from other sources and given an effective opportunity to respond. An estimate founded on guess-work alone, without rational basis or observance of natural justice, is arbitrary and unsustainable; the resulting demand also cannot stand. Case-Laws VAT and Sales Tax Wed, 20 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150420