https://www.taxtmi.com/caselaws?id=331731 Rejection of books of account for failure to maintain the mandatory manufacturing account register justified a best judgment assessment, but the estimate still had to rest on some material, facts, or disclosed circumstances. Where turnover was enhanced without any contemporaneous evidence, the assessment was not a reasoned estimate and became arbitrary. The Allahabad HC therefore held that a best judgment assessment cannot be based only on surmises, conjecture, or whimsical assumptions, and the turnover enhancement was unsustainable. en-us Fri, 08 Jul 2016 00:00:00 +0530 Wed, 31 Aug 2016 09:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331731 Rejection of books of account for failure to maintain the mandatory manufacturing account register justified a best judgment assessment, but the estimate still had to rest on some material, facts, or disclosed circumstances. Where turnover was enhanced without any contemporaneous evidence, the assessment was not a reasoned estimate and became arbitrary. The Allahabad HC therefore held that a best judgment assessment cannot be based only on surmises, conjecture, or whimsical assumptions, and the turnover enhancement was unsustainable. Case-Laws VAT and Sales Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331731