2006 (10) TMI 127

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.... for the appellant, we are of the opinion 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 applyi....

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....to such additions made. That being the position, 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 rat....

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....ying, where income returned was less than 8 per cent. of its gross receipts, it cannot be said to be an irrelevant consideration while considering the rate to be applied for estimating the income from like businesses for earlier years in its discretion by the authorities under the Act. In the facts and circumstances of the case, it cannot be said to be perverse finding of fact. Hence, no question ....