TMI Blog2009 (7) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... ant. Mr. S. K. Mukhi, Advocate, for the respondent. JUDGMENT ADARSH KUMAR GOEL, J. - The Revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961 ( for short, "the Act") against the order dated 23.11.2007 passed by the Income Tax Appellate Tribunal, Delhi Bench "I" New Delhi in ITA No. 1310/DEL/2005 for the assessment year 2000-2001, proposing to raise the following substantial questions of law: i) " Whether on the facts and circumstances of the case, the order of the Tribunal is perverse by not dealing with the findings of the assessing authority in respect of computation of net profit of 8%, which is fair and judicious keeping in view the provisions of Section 44AD of the Income Tax Act,1961, especia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was no justification for assessing income by estimating the profit to be 8% of the gross receipts. The assessee had audited accounts and there was nothing in the order of the Assessing Officer that sales had not been recorded or properly declared. The Commissioner also relied upon the appellate order of the previous assessment in which it was held that no case was made out by the Assessing Officer for making addition. The Tribunal affirmed the finding of the CIT (A). 4. We have heard learned counsel for the parties. 5. No doubt, the assesses failed to produce books of accounts and in such a situation, it may have been permissible for the Assessing Officer to draw an inference and proceed on the basis of material available or even ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the same, we find no infirmity in the approach of the CIT(A). The CIT(A) after appraising the factual position manifested by the books of account and other details led by the assessee was satisfied that the profit as declared by the assessee in the books of account was fair and proper. Apart from the aforesaid, we find that in the remand report, there is no specific infirmity or defect brought out by the AO to justify any of the disallowances. Mere general observations have been made, which in our view, has been rightly negated by the CIT(A)." 6. In view of the above, the questions proposed cannot be held to be substantial questions of law. The assessee having satisfied the appellate authority by leading evidence that the income decl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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