https://www.taxtmi.com/caselaws?id=158139 In a best judgment assessment, an estimate of suppressed turnover is sustainable where it rests on discovered material, surrounding circumstances, and reasonable inferences, and it will not be disturbed merely because another estimate is possible. The court treated the accounts as unreliable because brokerage vouchers and unrecorded transactions were not reflected in the books, and the explanation of later contract cancellations was not accepted. Since the estimate had a rational nexus with the material on record and was not a mere guess, no question of law arose on the facts found and the challenge to the reference failed. en-us Tue, 19 Jul 1994 00:00:00 +0530 Thu, 17 Oct 2013 14:09:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158139 In a best judgment assessment, an estimate of suppressed turnover is sustainable where it rests on discovered material, surrounding circumstances, and reasonable inferences, and it will not be disturbed merely because another estimate is possible. The court treated the accounts as unreliable because brokerage vouchers and unrecorded transactions were not reflected in the books, and the explanation of later contract cancellations was not accepted. Since the estimate had a rational nexus with the material on record and was not a mere guess, no question of law arose on the facts found and the challenge to the reference failed. Case-Laws VAT and Sales Tax Tue, 19 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158139