2006 (4) TMI 513

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.... preferred under section 260A of the Income-tax Act, 1961 (for short, 'the Act') against the order of Income-tax Appellate Tribunal, Chandigarh Bench 'B' in ITA No. 123/Chd./99 in respect of assessment year 1991-92. 2. The substantial questions of law sought to be raised are as under:- "(a)Whether, on the facts and circumstances of the case, the authorities below were justified in upho....

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.... any cogent reason supported by evidence? (d)Whether, on the facts and circumstances of the case, the decision of ITAT is perverse as there is no evidence that the surrender was made to cover any specific defects and, thus, should have been available for set off against addition on account of gross profit? (e)Whether, on the facts and circumstances of the case, the decision of IT....

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....high profits while claiming excessive expenses to reduce net profits. Even after remand, the Assessing Officer reiterated his earlier order. On appeal, the said order was affirmed by the CIT(A) with following observations:- "It is thus obvious that certain items of disallowable nature or inflated items of expenditure were being debited in the profit and loss account. Since, the present ad....

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.... years, the estimate of gross profit at the rate of 28 per cent adopted by the Assessing Officer by invoking the provisions of section 145(2) was justified. We are also of the opinion that the surrender of Rs. 2 lakhs during survey would not cover against the addition on account of gross profit as the same was made against specific items detected at the time of survey under section 133A. Therefore....