2007 (10) TMI 236

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.... by M.M. KUMAR J.- This order shall dispose of two appeals being I.T.A. Nos. 175 and 176 of 2007. The assessee has filed the instant appeal under section 260A of the Income-tax Act, 1961, against the order dated October 31, 2006, passed by the Income-tax Appellate Tribunal Chandigarh (for brevity "the Tribunal") in I.T.A. No. 398/Chandi/2004 in respect of the assessment year 2000-01. It has ....

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....ddition of Rs. 15,00,000 and Rs. 3,98,670 is legally sustainable the same being based on mere presumptions and surmises?" Brief facts of the case are that the assessee-firm is deriving its income from transportation contracts. In the year 1999-2000, a year prior to the relevant assessment year 2000-01, it disclosed transportation receipts of Rs. 1,88,54,650 but declared a net profit of Rs. 78,1....

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....icer it was found that HAFED had paid to other contractors loading and unloading charges at 56.2 paise and 86.5 paise per bag for loading and unloading of wheat bags of 50 kg. weight. The Assessing Officer further found that the assessee is claimed to have paid the labourers at the rates more than the market rates. A show-cause notice was issued to the assessee to which no reply was furnished. The....