https://www.taxtmi.com/caselaws?id=160132 Best judgment assessment may be made where proper accounts are not maintained, but the estimate must still rest on some evidence and a reasonable nexus with the material on record. A mechanical formula, such as applying five times establishment expenses without examining its suitability, is impermissible. Relevant factors including actual establishment expenses, sales mix, input and output prices, and comparable business data must be considered, and the assessee must be given notice and an effective opportunity before turnover is freshly determined. The existing assessment based on an untested formula could not be sustained and the matter required fresh enquiry and reassessment in observance of natural justice. en-us Thu, 23 Sep 1999 00:00:00 +0530 Tue, 10 Dec 2013 15:35:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160132 Best judgment assessment may be made where proper accounts are not maintained, but the estimate must still rest on some evidence and a reasonable nexus with the material on record. A mechanical formula, such as applying five times establishment expenses without examining its suitability, is impermissible. Relevant factors including actual establishment expenses, sales mix, input and output prices, and comparable business data must be considered, and the assessee must be given notice and an effective opportunity before turnover is freshly determined. The existing assessment based on an untested formula could not be sustained and the matter required fresh enquiry and reassessment in observance of natural justice. Case-Laws VAT and Sales Tax Thu, 23 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160132