Report No. 12
148. Best Judgment Assessment.-
(1) If any person-
(a) fails to make the return required by any notice given under section 143 (2) [subsection (2) of section 22] and has not made a return or a revised return under section 143(4) [sub-section (3) of section 22], or
(b) fails to comply with all the terms of a notice issued under section 146(1) section (4) of section 22], or
(c) having made a return, fails to comply with all the terms of a notice issued under section 147 [section re: assessment under 23(1)(2) & 23(3)1, the Income-tax Officer, after taking into account all relevant material which the Income-tax Officer has gathered and which the Income-tax Officer is competent to take into account, shall make the assessment of the total income or loss to the best of his judgment and determine the sum payable by the assessee or refundable to the assessee on the basis of such assessment.
[Section 23(4), main para., earlier part]
(2) The Income-tax Officer shall, in every order under sub-section (1), refer to the material on the basis of which the assessment is made.