https://www.taxtmi.com/caselaws?id=163977 The High Court ruled in favor of the assessee in a case challenging a best judgment assessment for the assessment year 2002-03. The court found the assessing authority's addition of 10% gross profit to be arbitrary and unsupported, emphasizing the necessity of valid reasons for rejecting returns and making additions. The burden of proof was placed on the revenue authorities to substantiate claims of higher profit rates, especially in the absence of discrepancies. The court directed the assessing authority to accept the conceded gross profit and issue a fresh assessment order promptly. en-us Wed, 28 May 2008 00:00:00 +0530 Sat, 06 Dec 2014 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=163977 The High Court ruled in favor of the assessee in a case challenging a best judgment assessment for the assessment year 2002-03. The court found the assessing authority's addition of 10% gross profit to be arbitrary and unsupported, emphasizing the necessity of valid reasons for rejecting returns and making additions. The burden of proof was placed on the revenue authorities to substantiate claims of higher profit rates, especially in the absence of discrepancies. The court directed the assessing authority to accept the conceded gross profit and issue a fresh assessment order promptly. Case-Laws VAT and Sales Tax Wed, 28 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=163977