TMI Blog2015 (12) TMI 1768X X X X Extracts X X X X X X X X Extracts X X X X ..... proper figure of assessment and for this purpose he must be able to take into consideration, local knowledge, reputation of the assessee about his business, the previous history of the assessee or the similarly situated assessee. It is also pertinent to mention that judgment is a faculty to decide matter with wisdom, truly and legally. Judgment does not depend upon the arbitrary, caprice of an ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of the ld.CIT(A) darted 19.3.2012 passed for the Asstt.Year 2004-05. 2. The assessee has taken three grounds of appeal, but its grievance revolves around a single issue, whereby, it has pleaded that the ld.CIT(A) has erred in law and on facts in confirming the disallowance of ₹ 22,55,435/- which is 50% of the indirect expenses incurred in cash. 3. Brief facts of the case are that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irected the assessee to submit supporting details with regard to these expenditures. Since the assessee failed to submit the details, he made disallowance at 50% of the expenditures and made addition of ₹ 36,74,875/-. 4. On appeal, the ld.CIT(A) has restricted this disallowance to ₹ 22,55,435/-. This is the 50% of the expenditure which were incurred in cash. 5. With the assistanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee. It is also pertinent to mention that judgment is a faculty to decide matter with wisdom, truly and legally. Judgment does not depend upon the arbitrary, caprice of an adjudicator, but on settled and invariably principles of justice. Thus, in a best judgment, even if, there is an element of guess work, it should not be a wild one, but shall have reasonable nexus to the available material and ci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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