Dismissing the appeal of the Revenue the Court held that, the assessment without any relevant material on record, cannot be made within the scope of sub-s. (3) of s. 143. Best judgment assessment made by the AO while exercising power under s. 143(3) is in contravention of the provisions of the IT Act. No substantial question of law.(AY. 2012-13)
Dy. CIT v. Optima Era Infra Joint Venture (2023) 331 CTR 702 702/221 DTR 486(All)(HC)
S. 143(3): Assessment-Disallowance of 20% of gross expenses-Tribunal deleting the addition-Order of Tribunal is affirmed. [S. 143(2) 144, 260A]