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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 .....

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ntially correct. In such cases, the assessments are made on the basis of the accounts maintained even though the assessing officer may add back to the accounts price of items that might have been omitted to be included in the accounts. In such a case .....

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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 surroundin .....

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t, should arrive at its conclusion without any bias and on rational basis. That authority should not be vindictive or capricious. If the estimate made by the assessing authority is a bona fide estimate and is based on a rational basis, the fact that .....

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