https://www.taxtmi.com/caselaws?id=67019 The Income Tax Appellate Tribunal (ITAT) partially allowed the appeals by the assessee, directing the Income Tax Officer (ITO) to apply a Gross Profit (GP) rate of 20% for one assessment year and 22% for the other. This decision was based on the significant decrease in turnover in the business and the specific circumstances presented by the assessee. Consequently, relief was granted to the assessee in line with the adjusted GP rates for the respective assessment years. en-us Sat, 06 Mar 1982 00:00:00 +0530 Tue, 08 Mar 2011 17:42:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67019 The Income Tax Appellate Tribunal (ITAT) partially allowed the appeals by the assessee, directing the Income Tax Officer (ITO) to apply a Gross Profit (GP) rate of 20% for one assessment year and 22% for the other. This decision was based on the significant decrease in turnover in the business and the specific circumstances presented by the assessee. Consequently, relief was granted to the assessee in line with the adjusted GP rates for the respective assessment years. Case-Laws Income Tax Sat, 06 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67019