https://www.taxtmi.com/caselaws?id=472056 Section 144 permits best-judgment assessment when a tax return, books, or material needed to determine taxable income are not produced. Where prior profitability lacks a consistent pattern and contemporaneous support for a lower estimate, non-compliance despite substantial business turnover can justify estimating business income at a net-profit rate applied to net bank deposits. Estimation at 0.5% of net bank deposits was treated as fair and reasonable. en-us Wed, 16 Apr 2025 00:00:00 +0530 Mon, 28 Sep 2026 20:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472056 Section 144 permits best-judgment assessment when a tax return, books, or material needed to determine taxable income are not produced. Where prior profitability lacks a consistent pattern and contemporaneous support for a lower estimate, non-compliance despite substantial business turnover can justify estimating business income at a net-profit rate applied to net bank deposits. Estimation at 0.5% of net bank deposits was treated as fair and reasonable. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472056