https://www.taxtmi.com/caselaws?id=66956 The Departmental appeal involved discrepancies in gross receipt amounts, admission of fresh evidence leading to deletion of asset value addition, reduction of net profit rate, allowance of depreciation, and applicability of net profit rate on gross receipts. The Tribunal dismissed the challenge on the gross receipt discrepancy due to lack of proper evidence, partly allowed the appeal on fresh evidence and asset value addition, and partly allowed the appeal on net profit rate and depreciation, directing a reevaluation based on net receipts after excluding material costs. The net profit rate calculation was adjusted to 12.5% from the initial 15%. en-us Fri, 29 Jul 1977 00:00:00 +0530 Tue, 08 Mar 2011 13:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66956 The Departmental appeal involved discrepancies in gross receipt amounts, admission of fresh evidence leading to deletion of asset value addition, reduction of net profit rate, allowance of depreciation, and applicability of net profit rate on gross receipts. The Tribunal dismissed the challenge on the gross receipt discrepancy due to lack of proper evidence, partly allowed the appeal on fresh evidence and asset value addition, and partly allowed the appeal on net profit rate and depreciation, directing a reevaluation based on net receipts after excluding material costs. The net profit rate calculation was adjusted to 12.5% from the initial 15%. Case-Laws Income Tax Fri, 29 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66956