https://www.taxtmi.com/caselaws?id=434128 The High Court upheld the Tribunal's decision to estimate the income of the assessee at 4% of turnover due to the lack of maintained accounts. The Court emphasized that best judgment assessment involves guesswork and discretion, with no interference warranted unless the estimation is proven to be arbitrary or perverse. As there was no challenge to the arbitrariness or perversity of the estimation, the Tax Case Appeal was dismissed, with no order as to costs. en-us Tue, 10 Jan 2023 00:00:00 +0530 Fri, 17 Feb 2023 09:11:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434128 The High Court upheld the Tribunal's decision to estimate the income of the assessee at 4% of turnover due to the lack of maintained accounts. The Court emphasized that best judgment assessment involves guesswork and discretion, with no interference warranted unless the estimation is proven to be arbitrary or perverse. As there was no challenge to the arbitrariness or perversity of the estimation, the Tax Case Appeal was dismissed, with no order as to costs. Case-Laws Income Tax Tue, 10 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434128