https://www.taxtmi.com/caselaws?id=3142 The High Court allowed the appeal, setting aside the Tribunal's order and ruling in favor of the appellant-assessee against the Revenue. The court criticized the Assessing Officer for improperly invoking best judgment principles without finding the books of account incorrect. It emphasized the need for concrete evidence to support best judgment assessments, highlighting that low profit alone is insufficient grounds for such estimation. The court underscored the importance of detailed inquiry before resorting to best judgment assessment, ultimately directing acceptance of the net profit as per the books of account. en-us Tue, 05 Dec 2006 00:00:00 +0530 Wed, 30 Jul 2008 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3142 The High Court allowed the appeal, setting aside the Tribunal's order and ruling in favor of the appellant-assessee against the Revenue. The court criticized the Assessing Officer for improperly invoking best judgment principles without finding the books of account incorrect. It emphasized the need for concrete evidence to support best judgment assessments, highlighting that low profit alone is insufficient grounds for such estimation. The court underscored the importance of detailed inquiry before resorting to best judgment assessment, ultimately directing acceptance of the net profit as per the books of account. Case-Laws Income Tax Tue, 05 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3142