https://www.taxtmi.com/caselaws?id=177735 A best judgment assessment under section 23(4) of the Indian Income-tax Act, 1922 requires the assessing officer to make a fair estimate honestly and without arbitrariness, vindictiveness or caprice when the assessee defaults in complying with notices and fails to produce evidence. The later determination of the partnership firm's income at a different figure did not invalidate the assessee's earlier estimated share income, because the individual assessment and the firm assessment are separate proceedings and subsequent events do not automatically affect a valid estimate made on the date of assessment. Any correction to the partner's share income had to be sought through the statutory rectification mechanism, and no material showed the estimates to be unsupported or arbitrary. en-us Wed, 29 Aug 1962 00:00:00 +0530 Sat, 16 Jan 2016 16:09:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177735 A best judgment assessment under section 23(4) of the Indian Income-tax Act, 1922 requires the assessing officer to make a fair estimate honestly and without arbitrariness, vindictiveness or caprice when the assessee defaults in complying with notices and fails to produce evidence. The later determination of the partnership firm's income at a different figure did not invalidate the assessee's earlier estimated share income, because the individual assessment and the firm assessment are separate proceedings and subsequent events do not automatically affect a valid estimate made on the date of assessment. Any correction to the partner's share income had to be sought through the statutory rectification mechanism, and no material showed the estimates to be unsupported or arbitrary. Case-Laws Income Tax Wed, 29 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177735