2004 (8) TMI 20

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... J. - The assessee has filed this appeal under section 260A of the Income-tax Act, 1961 (for short "the Act"), against the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), dated November 15, 2000, relating to the assessment year 1997-98. The assessee had disputed the findings of the Tribunal on three issues. The first dispute relates to the computati .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... to the trading account of the assessee. While framing the assessment, the Assessing Officer had made assessment of Rs. 15,15,735 by applying a gross profit rate of 32.95 per cent. On appeal, the Commissioner of Income-tax (Appeals) reduced the gross profit rate to 25 per cent. This resulted in reduction of the total addition to Rs. 5,03,735. On further appeal, the Tribunal observed that there was .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... The question as to what should be the gross profit rate is a matter of estimate and essentially a question of fact. This court in its appellate jurisdiction will not substitute its own estimate for the estimate made by the Tribunal unless it is shown that the estimate of the Tribunal is totally arbitrary or perverse. As far as the dispute about levy of interest under section 234B of the Act is co .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X