https://www.taxtmi.com/caselaws?id=337884 A best judgment assessment under section 43 of the Odisha Value Added Tax Act, 2004 must rest on relevant material and a reasonable nexus with the facts; it cannot be based on conjecture, caprice, or mere suspicion. The assessing authority had fixed turnover on an assumed daily average sale without any supporting document, statement, or report, so the estimate lacked an objective foundation. The Orissa High Court held that, in the absence of evidence showing how the turnover was determined, the assessment failed the legal standard and was liable to be quashed. en-us Fri, 06 May 2016 00:00:00 +0530 Fri, 20 Jan 2017 07:23:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337884 A best judgment assessment under section 43 of the Odisha Value Added Tax Act, 2004 must rest on relevant material and a reasonable nexus with the facts; it cannot be based on conjecture, caprice, or mere suspicion. The assessing authority had fixed turnover on an assumed daily average sale without any supporting document, statement, or report, so the estimate lacked an objective foundation. The Orissa High Court held that, in the absence of evidence showing how the turnover was determined, the assessment failed the legal standard and was liable to be quashed. Case-Laws VAT and Sales Tax Fri, 06 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337884