https://www.taxtmi.com/caselaws?id=185072 Section 22(4) of the Income-tax Act, 1922 was treated as usable even after a return had been filed and during an enquiry under section 23(3), so non-compliance could attract assessment under section 23(4). The document also states that a best judgment assessment under section 23(4) does not give the Income-tax Officer arbitrary power; it must be made reasonably and fairly, guided by justice, equity and good conscience. The governing principle is that the discretion is wide, but not unfettered, and must be exercised on the available material without whim or caprice. en-us Fri, 12 Dec 1930 00:00:00 +0530 Fri, 29 Jul 2016 17:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185072 Section 22(4) of the Income-tax Act, 1922 was treated as usable even after a return had been filed and during an enquiry under section 23(3), so non-compliance could attract assessment under section 23(4). The document also states that a best judgment assessment under section 23(4) does not give the Income-tax Officer arbitrary power; it must be made reasonably and fairly, guided by justice, equity and good conscience. The governing principle is that the discretion is wide, but not unfettered, and must be exercised on the available material without whim or caprice. Case-Laws Income Tax Fri, 12 Dec 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185072