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TMI Blog2016 (8) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... d and disclosed by the assessee. The estimation itself which had to be made to the best judgment of the assessing authority has to be a judicious and empirical exercise. In the facts of the present case the enhancement of the turnover to ₹ 3,00,000, its subsequent reduction by the first appellate authority to 2,30,000/- is not based on any material or evidence that may have been collected or which may have been found during the course of assessment. Such an assessment far from being characterized as one having been made to the best of the judgment of the authority, can only be described as capricious and whimsical. The orders in the opinion of this Court cannot be sustained - Sales/Trade Tax Revision No. 2314 of 2005 - - - Dated:- 8- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udgment assessment should have necessarily have been based upon some material or evidence which was found or relied upon. It is his submission that neither the assessing authority nor for that matter the first appellate authority nor the Tribunal have based their estimation on any contemporaneous material which may have been found in the possession of the assessee. He has further drawn the attention of the Court to the findings of the Tribunal which clearly recorded that there was no material or evidence which could have tended to indicate that the revisionist had sought to evade tax and to the circumstance that the books of account for the subsequent year had also been accepted by the Department. Learned Standing Counsel, on the other h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and circumstances and considered as reasonable. As noted above, the assessing authority did not lay its hand or rest his estimation on any material that may have been found in the possession of the assessee. While it was open to him to undertake an assessment to the best of his judgment consequent to the rejection of account, the same could not have been based on surmises and conjectures. It is settled law that while a best judgment assessment necessarily entails an exercise of estimation which may be tinged with a degree of guess work, the same cannot be completely disengaged or unconnected with material maintained and disclosed by the assessee. The estimation itself which had to be made to the best judgment of the assessing authori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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