2006 (10) TMI 127

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..... peal. The respondent was admittedly a contractor for civil construction and the assessment in question is for the first year of his business and after rejecting his books of account, the Assessing Officer passed the assessment order. The assessment was made by the Assessing Officer on the basis of applying the net profit rate of 12.5 per cent. on the turnover shown by the assessee. The Assessing O .....

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..... tified. These findings were affirmed by the Tribunal. Apparently in application of estimate to make best judgment assessment, there is bound to be some guess work and one cannot expect pointed exactitude in assessments considering the case of very first year of business variation in net profit rate applied to declared turnover of the assessee by the Assessing Officer and the Commissioner of In .....

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..... e an irrelevant consideration while considering the rate to be applied for estimating the income from like businesses for earlier years in its discretion by the authorities under the Act. In the facts and circumstances of the case, it cannot be said to be perverse finding of fact. Hence, no question of law arises on that ground. So also considering the investment by way of cash credit from the inc .....

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