https://www.taxtmi.com/caselaws?id=292178 Best judgment assessment under Section 21(2) cannot rest on a wholly arbitrary estimate. The assessing authority relied on a single bill dated 14 February 1999 and, without supporting material, assumed 113 further transactions at the same value to estimate escaped turnover at 10,00,000. That method had no rational foundation because it was based only on the bill number and unsupported assumptions of identical prior sales. An estimation exercise may involve guesswork, but it must still be reasonable and cannot be founded on surmises or conjectures. The turnover estimate was therefore unsustainable, and the revision succeeded in favour of the assessee. en-us Mon, 04 Dec 2017 00:00:00 +0530 Thu, 10 Dec 2020 05:25:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292178 Best judgment assessment under Section 21(2) cannot rest on a wholly arbitrary estimate. The assessing authority relied on a single bill dated 14 February 1999 and, without supporting material, assumed 113 further transactions at the same value to estimate escaped turnover at 10,00,000. That method had no rational foundation because it was based only on the bill number and unsupported assumptions of identical prior sales. An estimation exercise may involve guesswork, but it must still be reasonable and cannot be founded on surmises or conjectures. The turnover estimate was therefore unsustainable, and the revision succeeded in favour of the assessee. Case-Laws VAT and Sales Tax Mon, 04 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292178