https://www.taxtmi.com/caselaws?id=214087 The High Court held that the best judgment assessment estimating gross profit at 40% of the purchase value was arbitrary and unsustainable. It determined that estimating net profit at 2% of estimated sales or 16% of the purchase value, whichever is higher, would be reasonable. The judgment emphasized the importance of a rational and fair approach in such assessments, in line with statutory provisions and judicial precedents. The appeals were disposed of accordingly, with no order as to costs. en-us Tue, 21 Jun 2011 00:00:00 +0530 Tue, 28 Jun 2016 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214087 The High Court held that the best judgment assessment estimating gross profit at 40% of the purchase value was arbitrary and unsustainable. It determined that estimating net profit at 2% of estimated sales or 16% of the purchase value, whichever is higher, would be reasonable. The judgment emphasized the importance of a rational and fair approach in such assessments, in line with statutory provisions and judicial precedents. The appeals were disposed of accordingly, with no order as to costs. Case-Laws Income Tax Tue, 21 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214087