https://www.taxtmi.com/caselaws?id=8886 In a best judgment assessment under the proviso to section 13 of the Indian Income-tax Act, 1922, the Tribunal may rely on relevant material and is not confined to technical rules of evidence, but the estimate cannot rest on pure conjecture. Here, the Tribunal used the immediately preceding year's 17% profit rate, higher overhead costs, and the trading results on record to compute gross profits at 17% for the assessment year 1957-58. The High Court held that these materials were sufficient to support the estimate and that previous assessment records can furnish proper basis where better evidence is unavailable. en-us Fri, 24 Nov 1972 00:00:00 +0530 Tue, 16 Jun 2009 19:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8886 In a best judgment assessment under the proviso to section 13 of the Indian Income-tax Act, 1922, the Tribunal may rely on relevant material and is not confined to technical rules of evidence, but the estimate cannot rest on pure conjecture. Here, the Tribunal used the immediately preceding year's 17% profit rate, higher overhead costs, and the trading results on record to compute gross profits at 17% for the assessment year 1957-58. The High Court held that these materials were sufficient to support the estimate and that previous assessment records can furnish proper basis where better evidence is unavailable. Case-Laws Income Tax Fri, 24 Nov 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8886