Best Judgement assessment u/s 144 - estimation of income @12 or ...

Court Rules Best Judgement Assessment Should Use 3.5% Average Rate for Income Estimation u/s 144.

August 20, 2019

Case Laws Income Tax AT

Best Judgement assessment u/s 144 - estimation of income @12 or 8% - keeping in mind the judicial guideline available on issue, that after rejection of accounts, the income of the assessee is to be estimated on some reasonable basis for which comparable case and history of the assessee can be taken as a guide - it is fair, reasonable and logical to apply an average rate of two earlier years(@3.5%)

View Source

← Previous Next →

Best Judgement assessment u/s 144 - estimation of income @12 or ...

Court Rules Best Judgement Assessment Should Use 3.5% Average Rate for Income Estimation u/s 144.

August 20, 2019

Case Laws Income Tax AT

You may also like:

Best Judgement assessment u/s 144 - Estimation of income - The Assessing Officer issued notices under section 143(2) as well as various notices issued under sections...

Best judgement assessment u/s 144 - CIT(A) wrongly substituted the best judgement of the AO with his own judgement contrary to the provisions of section 144 of the Act

The ITAT upheld the CIT(A)'s decision to reject the assessee's books of accounts under section 145 and estimate income under section 144. The Tribunal clarified that...

Section 144 empowers the Assessing Officer to proceed with best judgment assessment if the assessee fails to file return. Petitioner appeared through counsel but did not...

Validity of Best judgment assessment - Assessment u/s 153C - since petitioner has filed a return, no best judgment assessment u/s 144 of the Act could have been passed -...

Validity of assessment u/s 144 without issuing notice - best judgment assessment - the assessment was patently illegal - HC

The Appellate Tribunal addressed the issue of estimation of income and rejection of duly audited books of accounts of the assessee firm u/s 145(3) of the Act. It held...

Best judgement assessment - There appears to be divergents views insofar as the question as to whether the consumption of electricity can constitute the sole basis for...

Assessment u/s 153A/143 - Difference between assessments under section 143(3) and 144 - Mention of nature of the order as section 153A r.w.s. 143(3) was not a technical...

The adjudicating authority is bound to explain the alleged contraventions to the person proceeded against or their legal representatives. Rule 4(4) mandates...

Removal of Inputs as such - reversal of cenvat credit under Rule 3(5) on input services - Recovery of service tax in terms of Rule 3(5) not justified - AT

The High Court reviewed a case involving a rough assessment of tax quantum and the validity of a Best judgment assessment for determining net profit in a civil work...

Refund claim of service tax paid on cancelled transactions - Post GST era - Rejection of refund under Rule 6(3) of Service Tax Rules read with Sec 142(5) of CGST Act -...

Assessment made u/s 144 r.w.s. 142(1) OR 153C - The Tribunal held that the assessment made u/s 144 r.w.s. 142(1) for A.Y. 2012-13, based on the satisfaction recorded on...

Validity of notice proposing for Best Judgement assessment u/s 144 - Failure to file ITR in response to notice u/s 148 r.w.s. 142(1) due to medical reasons and recovery...

Quick Updates: