2006 (12) TMI 132

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....ax Act, 1961 (for short "the Act") proposing the following substantial questions of law arising out of the order dated 28.2.2005 of the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar passed in I.T.A. No.548 (ASR)/1999 in respect of the assessment year 1993-94:- "(i) Whether the Tribunal misdirected itself in law as well as on facts in recording its conclusion based on irrelevant findings....

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....nd case was taken thereafter for scrutiny and notice under Section 148 of the Act was issued to the assessee. 3. The Assessing Officer made addition on account of unaccounted sale of rice as was found to be entered in the Note Book (Annexure A-6). It was also found entered in the note book that Truck No.PBK-5177 and PCJ-5177 were used for sale of the rice and the said trucks belonged to assessee.....

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....commission of 2%. No evidence of expenses made or claimed was filed before the authorities below. The Assessing Officer calculated the peak investment on a particular date for which no explanation is filed by the assessee. The Assessing Officer did not make separate addition of Rs.5,65,268/- as the main addition was made in a sum of Rs.10,28,471/-. Therefore, the submission of the assessee is liab....

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....assessee." 4. Learned counsel for the assessee-appellant submitted that the view taken by the Tribunal was perverse as expenditure incurred on generator, bardana repair, freight inward and quality cut were not taken into account. The said expenditure had been incorporated in the books of account, which were not rejected. The assessee had claimed the said deductions in the profit and loss account ....