2006 (10) TMI 127

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....on that no substantial question of law arises in this appeal. The respondent was admittedly a contractor for civil construction and the assessment in question is for the first year of his business and after rejecting his books of account, the Assessing Officer passed the assessment order. The assessment was made by the Assessing Officer on the basis of applying the net profit rate of 12.5 per cent....

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....sition, double additions of the same income was not justified. These findings were affirmed by the Tribunal. Apparently in application of estimate to make best judgment assessment, there is bound to be some guess work and one cannot expect pointed exactitude in assessments considering the case of very first year of business variation in net profit rate applied to declared turnover of the assesse....