Law:

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Section 44AD of the Income-tax Act, 1961 - Civil construction business - Assessment year 2000-01 - Assessee, a contractor, was called upon to furnish information for finalizing his assessment - As he failed to furnish same, Assessing Officer made assessment by treating 8 per cent of gross receipts as his income - On appeal, assessee produced fresh evidence in support of his claim and Commissioner (Appeals) considering same allowed assessee's appeal - Tribunal affirmed finding of Commissioner (Appeals) - Whether assessee having satisfied appellate authority by leading evidence that income declared by him was correct income, there was no ground to interfere with order of Tribunal - Held, yes Rajesh Katoch for the Appellant. S.K. Mukhi for the Respondent. JUDGMENT Adarsh Kumar Goel, J. - The revenue has preferred this appeal under section 260A of the Income-tax Act, 1961 ( for short, "the Act") against the order dated 23-11-2007 passed by the Income-tax Appellate Tribunal, Delhi Bench "I" New Delhi in ITA No. 1310/Delhi/2005 for the assessment year 2000-01, proposing to raise the following substantial questions of law:- "(i )Whether on the facts and circumstances of the case, the order of the Tribunal is perverse by not dealing with the findings of the assessing authority in respect of computation of net profit of 8 per cent, which is fair and judicious keeping in view the provisions of section 44AD of the Income-tax Act, 1961, especially when the assessee failed to produce the account books as well as the requisite information in spite of repeated opportunities? (ii )Whether on the facts and circumstances of the case, the Hon'ble Tribunal is right in law in affirming the decision of the learned CIT(A) in deleting the addition of Rs. 7,15,625 made by the Assessing Officer on account of interest income, loading charges and loading commission as credited in the Profit Loss account on the ground that the same were not related to the contract business of the assessee?" 2. Notice was issued to consider the question referred to in the order dated 17-2-2009, which is as follows :- "Learned counsel for the appellant has invited the attention of this Court to section 44AD…

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