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2012 (11) TMI 944 - AT - Income TaxBest Judgement Assessment u/s 144 – Held that:- Assessee is a habitual defaulter, not disclosing his correct turnover, year after year, he can be subject to assessment under the verification procedure. But that would not in any manner entitle the Revenue to proceed de hors the material on record or arbitrarily. There are other provisions under the Act, which is a complete code in itself, which can be applied to bring the assessee’s undisclosed income – which though has to be assessed reasonably, to tax. No doubt, each year is a separate and independent year. However, the Revenue having not brought on record any material to show any distinguishing feature for the current year vis-à-vis a preceding year, at any stage, including before us, viz., the nature of the work done; the cost of materials; the price realized, etc., or even a non-consideration of any of the relevant materials by the tribunal while determining the facts for AY 2005-06 - no basis for adopting a different measure, both qua the net profit rate and the working capital component involved, i.e., other than the corresponding accepted rates for that year - In the result, the Revenue’s appeal is dismissed.
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