Search Results For: estimate


Prakash K. Kankariya vs. JCIT (Bombay High Court)

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: March 16, 2015 (Date of pronouncement)
DATE: March 27, 2015 (Date of publication)
AY: 2002-03
FILE: Click here to view full post with file download link
CITATION:
In applying the ‘extrapolation’ principle of Eusafali 90 ITR 271 (SC), the AO is entitled to make an estimation based on guesswork. However, the estimate must not be arbitrary and should be based on material

The ratio of the Hon’ble Supreme Court judgment in the case of Commissioner of Income Tax vs. HM Eusafali HM Abdulala (1973) 90 ITR 271 (SC) has been explained in the later judgment of this Court in Commissioner of Income Tax vs. Dr. M.K.E. Memon 248 ITR 310 (Bom.) It is open for the Assessing Officer to make an estimation and in that process there could be a certain guess work as well. That element cannot be discarded totally

Top