2016 (9) TMI 301

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....Mr.Nikhil Simlote, Mr.K.D.Mathur Counsel for respondent JUDGMENT 1. By way of this appeal, assessee has challenged the judgment & order of the Income Tax Appellate Tribunal whereby the Tribunal has partly allowed the appeal of the assessee. 2. The case of the assessee is that the assessee has filed his return for the Assessment Year 1990-91 whereby his books of accounts were not accepted ....

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....e Tribunal was justified in law in sustaining addition of Rs. 1 lac on estimated basis irrespective of the fact, that the Tribunal has found that provisions under Section 145(2) could not be applied as the Books of Accounts and profits derived therefrom found to be correct and complete?" 6. Counsel for appellant has taken us to the provisions of Sec.145(2) which read as under:- "145(2)....

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....that after having observations made by the ld.Tribunal in para-3, which read as under:- "3. ... ... The reasons taken for rejecting the accounts have duly been considered with specific reference to the explanation given by the assessee. The books were produced before us and the ld.Senior departmental representative was directed to verify the discrepancy with respect to purchase of tyres a....