https://www.taxtmi.com/caselaws?id=330619 In a best judgment assessment based on undisclosed sales and purchases found during survey, the estimate must rest on relevant material and bear a reasonable nexus to the facts; it cannot be reduced or enhanced by arbitrary guesswork. The Tribunal noted that the undisclosed transactions related only to a limited period, but it further reduced the escaped turnover without disclosing the material or reasoning for that estimate. Because no basis was shown for the revised figures, the order failed to meet the legal requirements governing best judgment assessment and was set aside. en-us Mon, 25 Jul 2016 00:00:00 +0530 Mon, 01 Aug 2016 16:12:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330619 In a best judgment assessment based on undisclosed sales and purchases found during survey, the estimate must rest on relevant material and bear a reasonable nexus to the facts; it cannot be reduced or enhanced by arbitrary guesswork. The Tribunal noted that the undisclosed transactions related only to a limited period, but it further reduced the escaped turnover without disclosing the material or reasoning for that estimate. Because no basis was shown for the revised figures, the order failed to meet the legal requirements governing best judgment assessment and was set aside. Case-Laws VAT and Sales Tax Mon, 25 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330619