9911796707
TMI Blog2007 (2) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... with estimate - ITA 395/2006 - - - Dated:- 13-2-2007 - M.M. KUMAR and RAJESH BINDAL JJ. JUDGMENT The judgment of the court was delivered by 1. RAJESH BINDAL, J. The appellant has approached this Court by filing the present appeal under Section 260-A of Income Tax Act, 1961 (for short "the Act") against order dated 19.12.2005 passed by the Income Tax Appellate Tribunal, Chandigarh B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year in question declaring the same at Rs. 80,210/- on 3.10.2001. The same was processed under Section 143 (1) of the Act. However, the case of the assessee was picked up for scrutiny and a notice was accordingly issued. During the course of assessment, the assessee having not been able to satisfy the Assessing Officer, with regard to initial investment of Rs. 1,20,000/- made by him, the clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee failed on account of addition of Rs. 40,000/- as initial investment, however, while estimating the gross profit rate, a relief of Rs. 80,210/- was granted to the assessee thereby reducing the net profit rate from 8% to 6.5%. 4. We have heard learned counsel for the parties and with their assistance have perused the impugned order. 5. We do not find any justification to interf ..... X X X X Extracts X X X X X X X X Extracts X X X X
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