2009 (8) TMI 749

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....t, 1961 (for short, "the Act") against the order dated January 27, 2008, annexure A-3, passed by the Income-tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh in I. T. A. No. 497/Chd/2007 for the assessment year 2004-05, proposing to raise the following question of law :   "Whether on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was right ....

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....equal to 4 per cent. of gross receipts. It was held that the Commissioner of Income-tax (Appeals) was not jus- tified in interfering with the assessment when books of account had not been produced. No doubt the best judgment assessment could not be arbitrary, but some guess work was inevitable. Mere fact that the assessee declared income which was almost equal to the income assessed in the previou....