Ref:Best Assessment Judegement

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CA HEMANTH (Querist)
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03 December 2009 Hi

Under what circumstances Best Assessment Jundment made u/s 144 of Income tax act 1961.

regards
hemanth

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 December 2009 1) fails to file return u/s 139(1)/139(4)/139(5).
2)fails to comply with the provisions of 142(1) or 142(2A).
3)fails to comply with 143(2).

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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03 December 2009 agree with Warrier sir

CP Ram

CP Ram (Expert)
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03 December 2009 In addition to Mr. Warrier, Assessing Officer is also empowered to make best judgement assessment as provided in section 144 in the following situation:

a) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee.

b) Where the method of accounting has not been regularly followed by the assessee.

c) Where the Accounting Standards notified by the Central Government u/s 145(2) have not been regularly followed by the assessee.

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