TMI Blog2009 (7) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... ion furnished by the assessee was not accepted by the Assisting Officer and addition of Rs.1,22,604/-. It was observed that the assessee had made investment but the same has not been explained and accounts were not produced. 60% of the peak investment was treated as income - On appeal, the Commissioner of Income-tax partly set aside the addition. It was also held that instead of taking 60 peak inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g substantial questions of law: 1." Whether in this case the Hon'ble ITAT was legally right in upholding the decision of the learned CIT (Appeals) based on the Hon'ble Gujrat High Court judgment in the case of CIT vs. President Industries (2002) 258 ITR 654, when the facts of the present case and case relied upon were altogether different?" 2. "Whether the Hon'ble ITAT was right in ignorin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income-tax partly set aside the addition. It was also held that instead of taking 60 peak investment as income, the amount of the profits assessed on the basis of commission at the rate of 5% of the total sale should be added. The Tribunal upheld the said view. The conclusion of the Tribunal is as under: " Thus, it is evident from the claim of the AO himself that the documents s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... andigarh Bench has accepted the commission of 5% on fruit supply as reasonable." 4. We have heard learned counsel for the revenue. 5. It is submitted that investment itself should have been treated as income and not the commission. The judgment of Gujrat High Court in CIT vs. President Industries (2002) 258 ITR 654 relied upon by the Tribunal was distinguishable. The fact remains that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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