TMI Blog2007 (5) TMI 636X X X X Extracts X X X X X X X X Extracts X X X X ..... A of the Income Tax Act, 1961 and has challenged the order 30.8.2006 passed by the Income Tax Appellate Tribunal, Chandigarh Bench A , Chandigarh in ITA Nos. 622-728/ Chandi/ 2005 in respect of the assessment year 2001-02. It has been claimed that the following substantial questions of law would arise for our determination: i) Is the Hon'ble ITAT legally justified in holding that in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the return on the basis of estimated proof subject to further deductions on account of deprecation, interest and salary to partners. The Assessing Officer has pointed out about the lack of evidence to support the claim of the assessee for deduction of expenses in the return of income. There was thus no alternative for the Assessing Officer but to estimate the income. The Tribunal has found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of salary and interest paid to partners has been applied. The afore-mentioned order had attained finality as no further proceedings were initiated either by the assessee nor by the revenue. The same was the position with regard to assessment year 2003- 04. Accordingly, the net rate of profit of 10 percent on receipts of the assessee has been held to be reasonable in the instant case as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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