https://www.taxtmi.com/caselaws?id=36393 A best judgment assessment may involve some guesswork, but it must rest on relevant material and disclosed reasons rather than arbitrary estimation. The High Court found that neither the Income-tax Officer nor the Commissioner identified any material supporting the adoption of a flat net profit rate, and the basis of computation was not rationally explained. The assessment and revisional orders were therefore held arbitrary and quashed, while the assessing authority was left free to make a fresh assessment in accordance with law. en-us Wed, 12 Mar 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36393 A best judgment assessment may involve some guesswork, but it must rest on relevant material and disclosed reasons rather than arbitrary estimation. The High Court found that neither the Income-tax Officer nor the Commissioner identified any material supporting the adoption of a flat net profit rate, and the basis of computation was not rationally explained. The assessment and revisional orders were therefore held arbitrary and quashed, while the assessing authority was left free to make a fresh assessment in accordance with law. Case-Laws Income Tax Wed, 12 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36393