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2009 (12) TMI 565 - HIMACHAL PRADESH HIGH COURTBest Judgement assessment - Decision of apex court in M/s.Kachwala Gems Vs. JCIT (2006 -TMI - 3365 - SUPREME COURT) - It is well settled that in a best judgment assessment there is always a certain degree of guess work. No doubt the authorities concerned should try to make an honest and fair estimate of the income even in a best judgment assessment, and should not act totally arbitrarily, but there is necessarily some amount of guess work involved in a best judgment assessment, and it is the assessee himself who is to blame as he did not submit proper accounts - Held that: - it is apparent that the books of account of the assessee had to be rejected since there is no material on record, i.e., purchase vouchers to support the entries made in the books of account about the payments made to the sellers. Even the names and addresses of the sellers had not been entered whereby such entries could have been verified even in the absence of purchase vouchers. No proper stock registers were maintained. Hence the books of account were rightly rejected. The question as to what should be the percentage of gross profit is a pure question of fact and not a question of law. - Decided in favor of revenue.
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