Best Judgement Reset

In a case involving best judgment assessment due to non-compliance, the Tribunal ruled that adopting total bank credits as gross receipts and applying a flat profit rate without verifying turnover is arbitrary. Emphasizing that only real income is taxable, the matter was remanded for de novo assessment with directions to examine GST/VAT turnover and determine income on a rational basis. The ruling underscores that estimation must align with statutory principles and factual accuracy.