https://www.taxtmi.com/caselaws?id=67905 The Appellate Tribunal dismissed one appeal challenging the legality of a notice issued under section 147 for the first year, citing procedural non-compliance by the Income Tax Officer. In the second year, the Tribunal allowed the Department's appeal partially, increasing the net profit rate to 7.5% on gross receipts after considering comparable cases and special circumstances. The Tribunal upheld the CIT (A)'s decision to apply a 7.5% net profit rate, rejecting the assessee's proposed 5.5% rate. Adjustments were made to the gross receipts accordingly, concluding the case with mixed outcomes for the parties involved. en-us Fri, 15 Nov 1985 00:00:00 +0530 Tue, 15 Mar 2011 12:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67905 The Appellate Tribunal dismissed one appeal challenging the legality of a notice issued under section 147 for the first year, citing procedural non-compliance by the Income Tax Officer. In the second year, the Tribunal allowed the Department's appeal partially, increasing the net profit rate to 7.5% on gross receipts after considering comparable cases and special circumstances. The Tribunal upheld the CIT (A)'s decision to apply a 7.5% net profit rate, rejecting the assessee's proposed 5.5% rate. Adjustments were made to the gross receipts accordingly, concluding the case with mixed outcomes for the parties involved. Case-Laws Income Tax Fri, 15 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67905