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TMI Blog2010 (4) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... of 8% was applied on the contract receipt because the Assessing Officer was not satisfied about the correctness and completeness of the account. - Before the CIT(A), the assessee-appellant was asked for furnishing details of receipts and expenditure based on his bank statements. But the assessee-appellant expressed its inability. The Tribunal has noticed that the assessee through his counsel had a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal, Chandigarh Bench 'A', Chandigarh (for brevity, 'the Tribunal'), in I.T.A. No. 983/CHD/2007, in respect of Assessment Year 2005-06. 2. The assessee-appellant was subjected to survey under Section 133A of the Act and his case was eventually selected for scrutiny. The Assessing Officer passed the assessment order, dated 27.6.2007 (A-2), by making additions invoking profit at the rate of 8% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .4.2005 that he would attend the office in the afternoon. He appeared with his counsel but no books of account/vouchers were produced. His statement was recorded wherein he stated that all books of account were destroyed in flood in the month of August 2004. He declared additional income of Rs. 5,00,000/- each for the assessment year 2004-05 and 2005-06, subject to no penal action. The Tribunal re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee-appellant by citing various provisions of the Act has made a valiant attempt to reopen the case before us and has insisted that additional pieces of evidence could be adduced. 5. We have given our thoughtful consideration to the submissions made by the learned counsel and are of the view that the instant appeal is absolutely without any merit. The assessee-appellant has conceded through his c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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