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What is the difference between Assessment based on Best Judgement and Assessment based on books of accounts? Whether high court has power to substitute best judgement made by assessing authority?

Dated:- 2-4-2015 - 17 - Assessment In the case of HM Esufali HM Abdulali [1973 (4) TMI 49 - SUPREME Court] it was explained that the distinction between a best judgment assessment and assessment based on the accounts submitted by an assessee must be borne in mind. Sometimes there may be innocent or trivial mistakes in the accounts maintained by the assessee. There may be even certain unintended or unimportant omissions in those accounts; but yet the accounts may be accepted as genuine and substa .....

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y the assessee, he proceeds to assess the assessee on the basis of his best judgment . In doing so, he may take such assistance as the assessee's accounts may afford; he may also rely on other information gathered by him as well as the surrounding circumstances of the case. The assessments made on the basis of the assessee's accounts and those made on best judgment basis are totally different types of assessments. The assessing authority while making the best judgment assessment, no doub .....

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