https://www.taxtmi.com/caselaws?id=76898 The High Court dismissed the appeal under section 260A of the Income-tax Act, 1961 against the order of the Income-tax Appellate Tribunal for the assessment year 2001-02. The court upheld the Tribunal's decision to apply a 12% net profit rate on contract receipts, excluding material costs, as a best judgment assessment. It was determined that the assessment was not arbitrary or perverse, leading to the conclusion that no substantial question of law arose for consideration. The appeal was ultimately dismissed, affirming the Tribunal's judgment. en-us Fri, 14 Nov 2008 00:00:00 +0530 Wed, 23 Jan 2013 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76898 The High Court dismissed the appeal under section 260A of the Income-tax Act, 1961 against the order of the Income-tax Appellate Tribunal for the assessment year 2001-02. The court upheld the Tribunal's decision to apply a 12% net profit rate on contract receipts, excluding material costs, as a best judgment assessment. It was determined that the assessment was not arbitrary or perverse, leading to the conclusion that no substantial question of law arose for consideration. The appeal was ultimately dismissed, affirming the Tribunal's judgment. Case-Laws Income Tax Fri, 14 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76898