https://www.taxtmi.com/caselaws?id=285523 An appeal under Section 30(1) of the Income-tax Act, 1922 did not permit a direct challenge to the validity of a Section 23(4) best-judgment assessment; Section 27 was the specific statutory route for reopening such an assessment, and the appeal lay only on the amount assessed and tax determined. The assessee therefore had to proceed under Section 27 before disputing validity. On valuation, where the assessee had itself recorded values for property taken in satisfaction of a debt, the income-tax authority could adopt those book values for computation in a best-judgment assessment. Independent market valuation was not required absent a reliable basis showing the recorded values were unreal. en-us Fri, 14 Jan 1944 00:00:00 +0630 Mon, 19 Jul 2021 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285523 An appeal under Section 30(1) of the Income-tax Act, 1922 did not permit a direct challenge to the validity of a Section 23(4) best-judgment assessment; Section 27 was the specific statutory route for reopening such an assessment, and the appeal lay only on the amount assessed and tax determined. The assessee therefore had to proceed under Section 27 before disputing validity. On valuation, where the assessee had itself recorded values for property taken in satisfaction of a debt, the income-tax authority could adopt those book values for computation in a best-judgment assessment. Independent market valuation was not required absent a reliable basis showing the recorded values were unreal. Case-Laws Income Tax Fri, 14 Jan 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=285523