https://www.taxtmi.com/highlights?id=105006 Best-judgment assessment may be used where books of account are not maintained and required information is not furnished, but business-profit estimation must remain fair, unbiased and rational. Profit rates cannot be adopted capriciously or without supporting facts; they should be based on the taxpayer's past history or comparable businesses in the same line of trade. Where the adopted rates lack such a disclosed basis, the profit estimation requires reconsideration. Net profit must be freshly determined with reference to relevant comparables or past results after affording the taxpayer an opportunity of hearing. en-us Thu, 15 Oct 2026 05:44:05 +0530 Thu, 15 Oct 2026 05:44:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=105006 Best-judgment assessment may be used where books of account are not maintained and required information is not furnished, but business-profit estimation must remain fair, unbiased and rational. Profit rates cannot be adopted capriciously or without supporting facts; they should be based on the taxpayer's past history or comparable businesses in the same line of trade. Where the adopted rates lack such a disclosed basis, the profit estimation requires reconsideration. Net profit must be freshly determined with reference to relevant comparables or past results after affording the taxpayer an opportunity of hearing. Highlights Income Tax Thu, 15 Oct 2026 05:44:05 +0530 https://www.taxtmi.com/highlights?id=105006