https://www.taxtmi.com/caselaws?id=39510 A best judgment assessment was sustained where the assessee failed to file returns and ignored statutory notice, justifying an ex parte assessment. The Income-tax Officer could rely on material gathered by the Investigation Commission, the assessee's admissions, and surrounding market circumstances in estimating concealed income. The estimate was upheld because it was based on relevant factors and could not be characterised as capricious, arbitrary, or conjectural. The objections were treated as largely factual rather than raising any substantial question of law, and the challenge to the assessment failed. en-us Tue, 10 Apr 1973 00:00:00 +0530 Fri, 16 Apr 2010 18:16:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39510 A best judgment assessment was sustained where the assessee failed to file returns and ignored statutory notice, justifying an ex parte assessment. The Income-tax Officer could rely on material gathered by the Investigation Commission, the assessee's admissions, and surrounding market circumstances in estimating concealed income. The estimate was upheld because it was based on relevant factors and could not be characterised as capricious, arbitrary, or conjectural. The objections were treated as largely factual rather than raising any substantial question of law, and the challenge to the assessment failed. Case-Laws Income Tax Tue, 10 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39510