https://www.taxtmi.com/caselaws?id=471774 Best-judgment assessment requires a profit estimate that is fair, honest and reasonably connected with available material and circumstances. A net-profit rate of 6.5% of gross receipts was sustained because no books of account or credible contrary evidence were produced. The rate took account of past assessment history, comparative gross receipts and the reduction from the Assessing Officer's original 8% estimate. en-us Wed, 09 Apr 2025 00:00:00 +0530 Thu, 17 Sep 2026 13:50:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471774 Best-judgment assessment requires a profit estimate that is fair, honest and reasonably connected with available material and circumstances. A net-profit rate of 6.5% of gross receipts was sustained because no books of account or credible contrary evidence were produced. The rate took account of past assessment history, comparative gross receipts and the reduction from the Assessing Officer's original 8% estimate. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471774