2007 (2) TMI 153

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.... approached this Court by filing the present appeal under Section 260-A of Income Tax Act, 1961 (for short "the Act") against order dated 19.12.2005 passed by the Income Tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh (for short 'the Tribunal') in ITA No. 872/Chandi/2004 in respect of the assessment years 2001-02 raising the following substantial questions of law:- "1. Whether under th....

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.... and a notice was accordingly issued. During the course of assessment, the assessee having not been able to satisfy the Assessing Officer, with regard to initial investment of Rs. 1,20,000/- made by him, the claim to the extent of Rs.  80,000/- was disallowed and added to his income treating the same from undisclosed sources. Further, the assessee having a total receipt of Rs. 52,79,416/- had....

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....essee thereby reducing the net profit rate from 8% to 6.5%. 4. We have heard learned counsel for the parties and with their assistance have perused the impugned order. 5. We do not find any justification to interfere in the order passed by the Tribunal which is in the realm of estimation. The assessee having failed to produce the books of accounts, an estimation of net profit rate was made b....