https://www.taxtmi.com/caselaws?id=7188 A best judgment assessment cannot be reduced on a pure guess or on material not properly part of the assessment record. The commentary explains that where the Income-tax Officer's estimate is supported by the assessee's false denial, bank and broker materials, and third-party account evidence, a Tribunal's lower figure without evidentiary basis is arbitrary and unsustainable. It also states that, on a reference under section 66 of the Income-tax Act, 1922, the High Court may correct a finding that is unsupported by any material and answer the reference so that the legally sustainable assessment is restored, even if that results in a higher assessed income. en-us Wed, 05 Oct 1966 00:00:00 +0530 Thu, 12 Feb 2009 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7188 A best judgment assessment cannot be reduced on a pure guess or on material not properly part of the assessment record. The commentary explains that where the Income-tax Officer's estimate is supported by the assessee's false denial, bank and broker materials, and third-party account evidence, a Tribunal's lower figure without evidentiary basis is arbitrary and unsustainable. It also states that, on a reference under section 66 of the Income-tax Act, 1922, the High Court may correct a finding that is unsupported by any material and answer the reference so that the legally sustainable assessment is restored, even if that results in a higher assessed income. Case-Laws Income Tax Wed, 05 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7188