SHRI RAM JHANWAR LAL Vs. ITO

JUDGEMENT

(1.) THIS appeal has been filed by the assessee against the judgment of the learned Tribunal dated 29 -8 -2005 passed in Appeal No. 140 of 2005. reported as Shriram Jhanwarlal v. ITO : (2005) 98 TTJ (Jd) 639 -Ed.

(2.) THE appeal was admitted vide order dated 23 -1 -2006, by framing three substantial questions of law, which read as under:

(3.) SO far as the question Nos. 1 and 3 are concerned, the necessary facts are, that the assessing officer rejected the books of accounts and made a best judgment assessment, determining the GP, and then from out of that, allowed various admissible deductions, including depreciation. That order was upheld in appeal by the learned Commissioner (Appeals). Then the matter was carried by the assessee in further appeal before the learned Tribunal, and the learned Tribunal has decided the appeal by the impugned order. The findings recorded by the Tribunal are contained in para 5 of the judgment, which we may gainfully reproduce being as under: