https://www.taxtmi.com/caselaws?id=158964 The court ruled in a revision case for the assessment year 1987-88 that a best judgment assessment was not justified based on a minor shortage of 5.800 grams of gold compared to the total stock. It emphasized the need for substantial evidence to support resorting to best judgment assessment and highlighted that a single item of discrepancy does not warrant such assessment if its impact is insignificant. The court also found that rejecting accounts solely on minor discrepancies without substantial reasons is unjustified. It referenced a circular in the gold trade that allowed for tolerance of minor discrepancies and ultimately accepted the assessee's accounts, quashing the impugned orders. en-us Mon, 29 Jan 1996 00:00:00 +0530 Mon, 11 Nov 2013 17:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158964 The court ruled in a revision case for the assessment year 1987-88 that a best judgment assessment was not justified based on a minor shortage of 5.800 grams of gold compared to the total stock. It emphasized the need for substantial evidence to support resorting to best judgment assessment and highlighted that a single item of discrepancy does not warrant such assessment if its impact is insignificant. The court also found that rejecting accounts solely on minor discrepancies without substantial reasons is unjustified. It referenced a circular in the gold trade that allowed for tolerance of minor discrepancies and ultimately accepted the assessee's accounts, quashing the impugned orders. Case-Laws VAT and Sales Tax Mon, 29 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158964