https://www.taxtmi.com/caselaws?id=181064 A notice for reassessment requires material from which the assessing officer can reasonably form the belief that income escaped assessment due to omission or failure to disclose material facts; absence of such material defeats reassessment, and the reassessment is invalidated. A best judgment assessment must rest on evidence or a rational basis and cannot be founded on mere suspicion or inconsistent assumptions; estimates based on conjecture or unsupported inferences about secret investments are unsustainable. Operatively, the reassessment and the profit estimate were quashed and the taxpayer was entitled to costs. en-us Fri, 16 Feb 1962 00:00:00 +0530 Wed, 06 Apr 2016 16:37:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181064 A notice for reassessment requires material from which the assessing officer can reasonably form the belief that income escaped assessment due to omission or failure to disclose material facts; absence of such material defeats reassessment, and the reassessment is invalidated. A best judgment assessment must rest on evidence or a rational basis and cannot be founded on mere suspicion or inconsistent assumptions; estimates based on conjecture or unsupported inferences about secret investments are unsustainable. Operatively, the reassessment and the profit estimate were quashed and the taxpayer was entitled to costs. Case-Laws Income Tax Fri, 16 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181064