https://www.taxtmi.com/caselaws?id=20375 HC upheld the Tribunal's decision affirming the CIT(A)'s order determining the assessee's loss in preference to the nil-income best judgment assessment under s.144. The court held that while an ex parte best judgment assessment was procedurally justified, the Assessing Officer could not arbitrarily reject the loss return without examining the audited accounts, balance sheet, accompanying statements, and past assessment records. HC clarified that in an appeal against a s.144 assessment, the CIT(A) possesses plenary powers equivalent to the Assessing Officer and may conduct independent enquiries and rely on additional material. The reference was answered in the affirmative, in favour of the assessee. en-us Fri, 23 Apr 1993 00:00:00 +0530 Thu, 11 Dec 2025 23:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20375 HC upheld the Tribunal's decision affirming the CIT(A)'s order determining the assessee's loss in preference to the nil-income best judgment assessment under s.144. The court held that while an ex parte best judgment assessment was procedurally justified, the Assessing Officer could not arbitrarily reject the loss return without examining the audited accounts, balance sheet, accompanying statements, and past assessment records. HC clarified that in an appeal against a s.144 assessment, the CIT(A) possesses plenary powers equivalent to the Assessing Officer and may conduct independent enquiries and rely on additional material. The reference was answered in the affirmative, in favour of the assessee. Case-Laws Income Tax Fri, 23 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20375