Dismissing the appeal of the revenue the Court held that , best judgement assessment can be resorted by the AO in the absence of any record , but it cannot be arbitrary , when the assessee has filed supporting documents justifying the loss suffered. ( AY.2007 -08) ( ITA No . 857 of 2016 dt. 11-12-2018 )
PCIT v. Rahul J. Jain ( Bom) (HC) (UR) Editorial: Order in ACIT v Rahul J. Jain (Mum) (Trib) ( ITA NO 5986 /M/ 2013 dt 28 -9-2015) is affirmed
S.144: Best judgement assessment- Books destroyed due to flood- Expenditure cannot be disallowed arbitrarily – Best judgement should not be made as a best punishment assessment .[ S.37 (1)