2008 (8) TMI 528

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....vered by K. Raviraja Pandian J.- The Revenue is on appeal against the order of the Tribunal dated July 31, 2007, made in I. T. A. No 1818/Mds/05. The relevant assessment year is 2002-03. 2. The facts of the case are as follows : The assessee is a partnership firm, a civil contractor, carrying on Government projects. The assessee-firm filed its return of income for the assessment year 2002-03....

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....venue filed an appeal before the Income-tax Appellate Tribunal. The Tribunal after perusing the materials on record, held that the Commissioner of Income-tax (Appeals) has taken a very reasonable view and which requires no interference. The correctness of the same is now canvassed by the Revenue by framing the following substantial question of law : "1. Whether on the facts and in the circumsta....

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....7,933. He had estimated the profit of the assessee at 8 per cent. of the contract receipts. He interfered with the assessment order on the ground that if the total addition made by the Assessing Officer is allowed to remain or accepted, then the net profit of the assessee is nearly 28 per cent., which is not at all possible in the nature of the work under-taken by the assessee. The estimation have....