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TMI Blog2008 (5) TMI 703X X X X Extracts X X X X X X X X Extracts X X X X ..... 2006 passed by the Income Tax Appellate Tribunal, Delhi Bench 'B' in I.T. [S.S.] Appeal No.128/Del/2003 and 282/Del/2003 relevant for the block period 1988-89 to 1998- 99. A search was conducted in the premises of the Assessee who was in the business of trading in "Saria" and other steel items through a proprietary concern M/s Kamal Steel. It appears that the Assessee had two con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich the Assessing Officer could have come to the conclusion that the net profit was 5%.. In our opinion the estimate of net profit does not raise any substantial question of law. There is no material on the basis of which the Assessing Officer could come to the conclusion that the net profit was 5%. It may be noted that the CIT (A) had taken the net profit @ 2.5% which was further reduced by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o necessity of a capital investment. Moreover, it has been found that the regular returns were filed by the Assessee in 1994-95 and the investments, if any, could have been investigated in the regular return rather than in the block assessment. We may also note that the unexplained investment was reduced from ₹ 10 lacs as estimated by the Assessing Officer to ₹ 5 lacs by the CIT (A). ..... X X X X Extracts X X X X X X X X Extracts X X X X
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