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BEST JUDGMENT ASSESSMENT Section 144

Income Tax - Return of Income and Assessment Procedure - 20 - The assessing Officer, taking into all relevant material which he has gathered, is under an obligation to make an assessment of the total income or loss to the best of his judgment and determine the tax payable by the assessee in the following cases: Case 1 Where any person fails to make the return under section 139(1) and has not make a return or a revised return under section 139(4) or section 139(5); Case2 Where any person: Fails t .....

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COMPLETION OF ASSESSMENT:- Assessment under section 144:- An assessment under section 144 shall be completed within 2 years from the end of the relevant assessment year (regardless of the fact whether it is a case of concealment). For instance, assessment under section 144 for the assessment year 2015-16 should be completed up to March 31, 2018. WHEN BEST JUDGMENT ASSESSMENT CAN BE MADE:- Ex Parte Proceedings:- An assessment made under section 144 can by no means be equated to ex parte proceedi .....

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sessment made by ignoring such a return was invalid- COMMISSIONER OF INCOME-TAX, BURMA Versus A.A.R. CHETTIAR FIRM [1933 (1) TMI 24- RANGOON HIGH COURT]. Signing of returns:- A best judgment assessment can be made when the return is not signed and verified- BEHARI LAL CHATTERJI Versus COMMISSIONER OF INCOME TAX, U.P [1933 (10) TMI 16- ALLAHABAD HIGH COURT]. Production of accounts:- Where, in response to a combined notice for personal appearance as well as production of accounts books, the assess .....

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