https://www.taxtmi.com/caselaws?id=245401 In appeals arising from best judgment assessments after rejection of books of account under section 145(3) of the Income-tax Act, the final fact-finding authority must decide the quantum dispute by a speaking and reasoned order based on the material on record. Cryptic, stereotype, or arbitrary estimates of trading additions, without dealing with the facts, rival contentions, or the basis for the estimate, are unsustainable. The Tribunal's orders did not meet this standard because they lacked adequate reasons and could not be upheld. The High Court set aside the orders and remanded the matters for fresh decision de novo in accordance with law. en-us Tue, 21 Jan 2014 00:00:00 +0530 Sat, 21 Feb 2015 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245401 In appeals arising from best judgment assessments after rejection of books of account under section 145(3) of the Income-tax Act, the final fact-finding authority must decide the quantum dispute by a speaking and reasoned order based on the material on record. Cryptic, stereotype, or arbitrary estimates of trading additions, without dealing with the facts, rival contentions, or the basis for the estimate, are unsustainable. The Tribunal's orders did not meet this standard because they lacked adequate reasons and could not be upheld. The High Court set aside the orders and remanded the matters for fresh decision de novo in accordance with law. Case-Laws Income Tax Tue, 21 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245401