https://www.taxtmi.com/caselaws?id=418362 A best judgment assessment based on defective and unreliable accounts, including absent production-cum-stock and proper stock records, was upheld because estimation is permissible where the basis is rational and not arbitrary. The assessment was not interfered with merely because it involved guesswork and relied on electricity consumption and input-output ratio. By contrast, the penalty under Section 12(3)(b) was set aside for re-computation because the authorities had levied it on the entire turnover without applying the deductions required by the Explanation. The matter was remanded for fresh determination of penalty alone in accordance with the statutory scheme. en-us Fri, 04 Feb 2022 00:00:00 +0530 Wed, 16 Feb 2022 08:11:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418362 A best judgment assessment based on defective and unreliable accounts, including absent production-cum-stock and proper stock records, was upheld because estimation is permissible where the basis is rational and not arbitrary. The assessment was not interfered with merely because it involved guesswork and relied on electricity consumption and input-output ratio. By contrast, the penalty under Section 12(3)(b) was set aside for re-computation because the authorities had levied it on the entire turnover without applying the deductions required by the Explanation. The matter was remanded for fresh determination of penalty alone in accordance with the statutory scheme. Case-Laws VAT and Sales Tax Fri, 04 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418362