https://www.taxtmi.com/caselaws?id=166286 Where an assessee's books are rejected and no satisfactory evidence is produced, an assessment under Section 23(3) may still be made on the Income-tax Officer's best judgment, provided it rests on material lawfully gathered and is not arbitrary. The officer is not legally bound to disclose the source of information or recite all relied-on material in the assessment order, but natural justice requires the assessee to have an opportunity to meet adverse material. Section 13 does not alter the operation of Section 23(3) or convert it into Section 23(4). en-us Thu, 27 Oct 1938 00:00:00 +0530 Thu, 13 Feb 2020 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166286 Where an assessee's books are rejected and no satisfactory evidence is produced, an assessment under Section 23(3) may still be made on the Income-tax Officer's best judgment, provided it rests on material lawfully gathered and is not arbitrary. The officer is not legally bound to disclose the source of information or recite all relied-on material in the assessment order, but natural justice requires the assessee to have an opportunity to meet adverse material. Section 13 does not alter the operation of Section 23(3) or convert it into Section 23(4). Case-Laws Income Tax Thu, 27 Oct 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166286