https://www.taxtmi.com/caselaws?id=20822 The court ruled against the assessee, finding that the Tribunal erred in annulling the assessments made by the Income-tax Officer under section 144 of the Income-tax Act, 1961 for the assessment years 1981-82 and 1982-83. The court held that the best judgment assessments lacked proper justification and should have been based on intelligent estimates supported by relevant materials. The court favored the Revenue, indicating that the Tribunal should not have quashed the assessments without directing a proper determination of income or loss. No costs were awarded in this matter. en-us Mon, 30 Mar 1992 00:00:00 +0530 Tue, 17 Nov 2009 13:47:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20822 The court ruled against the assessee, finding that the Tribunal erred in annulling the assessments made by the Income-tax Officer under section 144 of the Income-tax Act, 1961 for the assessment years 1981-82 and 1982-83. The court held that the best judgment assessments lacked proper justification and should have been based on intelligent estimates supported by relevant materials. The court favored the Revenue, indicating that the Tribunal should not have quashed the assessments without directing a proper determination of income or loss. No costs were awarded in this matter. Case-Laws Income Tax Mon, 30 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20822