We have observed the BL Lac object Mrk 501, during the period Feb. 2006 - May 2006 for a total on- source duration of 65 hours using the TACTIC gamma-ray telescope at Mt. Abu Rajasthan India. During these observations the telescope was used in a tracking mode of its operation in order to collect maximum possible data on the source. Detailed analysis of 65 hours of data shows the presence of a significant TeV gamma-ray signal from the source direction with a statistical significance of ~ 8.3 σ above system threshold energy of 1.5 TeV . We have estimated the differential source spectrum in the energy range 1.5 - 11 TeV which fits well with the power law function of the form fo x E-γ, γ = 2.83 ± 0.1 and fo = (2.74 ±0.19) x 10-11 photons /sec cm² TeV. Details of data analysis and results so obtained would be presented at the conference.