Best Judgment Assessment Must Be Fair, Not Capricious: ITAT Jaipur

Kaizen Enterprises Pvt. Ltd. Vs ACIT (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT), Jaipur, has partly allowed the appeal of Kaizen Enterprises Pvt. Ltd. for the assessment year 2013-14, providing relief on an addition made towards undisclosed income. This is the second round of litigation before the ITAT in this matter, with the case having been previously restored to the Assessing Officer (AO) by a coordinate bench. The central issue revolved around the treatment of Rs. 1.35 crore, originating from a seized diary noting and the statement of a company director, surrendered as undiscl...