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2005 (7) TMI 59 - PUNJAB AND HARYANA HIGH COURTAccounting - rejection of books of account - Best judgment assessment - As regards the estimation of total income of the assessee by best judgment, it is again well settled that though there is always an element of guess work in a best judgment at the same time, it cannot be a wild one - The best judgment assessment must have some reasonable nexus to the available material and circumstances of each case. If the estimate made by the Assessing Officer is a bona fide estimate and is based on rational basis, it cannot be disturbed even when the court may think that it is not the most appropriate basis.
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