No Merit in Assessee’s Objection of Lack of Hearing Opportunity u/s 144A: ITAT Upholds Income Tax Assessment on Best Judgment by AO

The ITAT upheld an income tax assessment based on "best judgment by AO" under Section 144A, dismissing the assessee's objection regarding "lack of hearing opportunity." The tribunal noted that the assessee was indeed provided opportunities to present their case, but failed to comply adequately. In such scenarios, the Assessing Officer is empowered to make a reasonable estimate of income based on available information. This ruling reinforces the principle that taxpayers must actively cooperate with tax authorities during assessment proceedings; failure to do so can result in assessments made using the "best judgment" principle.