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2018 (1) TMI 1504 - HC - Income TaxBest judgment assessment - NP determination - estimation of profit - as per ITAT CIT (A) was justified in directing the Assessing Officer to recompute the profits by increasing the same @ 1% as against 2% applied by the Assessing Officer - HELD THAT:- On due consideration of the arguments of the learned counsel for the parties, so also the law laid down by the Supreme Court in the case of State of Orissa v. Maharaja Shri B.P. Singh Deo [1969 (12) TMI 2 - SUPREME COURT] and a Division Bench of this Court in the case of Karan Singh v. Commissioner of Wealth Tax [1980 (2) TMI 24 - MADHYA PRADESH HIGH COURT] we are of the view that the order passed by the learned Appellate Tribunal is based on "best judgment assessment". The power to levy assessment on the basis of best judgment is not an arbitrary power; it is an assessment on the basis of best judgment. Therefore, the Tribunal was not in error in confirming the decision of the Commissioner of Income Tax (Appeal). No case to interfere with impugned order passed by the learned Appellate Tribunal, as prayed for, is made out; nor any substantial question of law is arising in this appeal.
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