2019 (6) TMI 247

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....GMENT: (Per V. Ramasubramanian, J) The Revenue has come up with the above appeal under Section 260A of the Income Tax Act, 1961 raising the following substantial questions of law. "1. Whether, on the facts and in the circumstances of the case, the order of the Tribunal is perverse? 2. Whether, on the facts and in the circumstances of the case the Tribunal is correct in law in setting asi....

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....ning the total taxable income at Rs. 71,96,607/- and determining the tax payable at Rs. 24,86,803/-. 5. The CIT (Central), examined the records of the proceedings and issued a show cause notice dated 25.03.2008 under Section 263 of the IT Act, calling upon the assessee to show cause as to why the assessment orders for the period from 2000-01 to 2006-07 should not be cancelled. The assessee gave ....

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....as only Rs. 2,33,508/- besides an agricultural income. In response to notice under Section 153 A of the Act, he filed a return disclosing a total income which was lesser than the income returned originally. But, the Assessing Officer rejected the books of accounts of assessee and finally determined the income for each year at 8% of the gross contract receipts, clear of all deductions. 8. In othe....