https://www.taxtmi.com/caselaws?id=178918 The High Court upheld the Karnataka Appellate Tribunal's decision in a tax matter under the Karnataka Agricultural Income Tax Act, 1957. The Court affirmed that best judgment estimation does not necessarily imply rejection of books of accounts and emphasized that assessment must be fair and proper. As the assessee maintained regular books of accounts not rejected by the Assessing Officer, the Tribunal's decision to set aside the previous orders and compute tax liability based on filed returns was deemed justified. The Court dismissed the revenue's revision petition, supporting the Tribunal's order. en-us Tue, 04 Jan 2005 00:00:00 +0530 Tue, 16 Feb 2016 11:31:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178918 The High Court upheld the Karnataka Appellate Tribunal's decision in a tax matter under the Karnataka Agricultural Income Tax Act, 1957. The Court affirmed that best judgment estimation does not necessarily imply rejection of books of accounts and emphasized that assessment must be fair and proper. As the assessee maintained regular books of accounts not rejected by the Assessing Officer, the Tribunal's decision to set aside the previous orders and compute tax liability based on filed returns was deemed justified. The Court dismissed the revenue's revision petition, supporting the Tribunal's order. Case-Laws Income Tax Tue, 04 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178918