https://www.taxtmi.com/article/detailed?id=114 Best judgment assessment requires the assessing officer to make a fair, honest and reasonable estimate of taxable value when statutory defaults occur (such as failure to file returns, non-compliance with verification notices, or unsatisfactory accounts). The power is not arbitrary or penal: it must be based on relevant material with a reasonable nexus to the estimate, allow opportunity to be heard, and reflect honest guesswork grounded in inquiry, local knowledge and comparable cases; non-production of books or absence of audit alone does not automatically justify such assessment. en-us Fri, 11 Jul 2008 00:00:00 +0530 Fri, 06 Mar 2009 18:30:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=114 Best judgment assessment requires the assessing officer to make a fair, honest and reasonable estimate of taxable value when statutory defaults occur (such as failure to file returns, non-compliance with verification notices, or unsatisfactory accounts). The power is not arbitrary or penal: it must be based on relevant material with a reasonable nexus to the estimate, allow opportunity to be heard, and reflect honest guesswork grounded in inquiry, local knowledge and comparable cases; non-production of books or absence of audit alone does not automatically justify such assessment. Articles Service Tax Fri, 11 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=114