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of <h1>Appellate Tribunal reduces assessment for constructor assessee, applying 12 1/2% net profit rate</h1> <h3>MUNNEKHAN & Bros. Versus INCOME TAX OFFICER.</h3> MUNNEKHAN & Bros. Versus INCOME TAX OFFICER. - TTJ 014, 536, The dispute in the appeal was about the estimate of net profits by the assessee, a constructor. The Income Tax Officer (ITO) applied a net profit rate of 15%, estimating income at Rs. 40,155, which was confirmed by the AAC. The Appellate Tribunal decided to apply a net profit rate of 12 1/2%, reducing the assessment by Rs. 6,697. The appeal was partly allowed.
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