https://www.taxtmi.com/caselaws?id=78087 The High Court dismissed the appeals challenging the application of a 12% net profit rate on gross receipts for contractors. The Court upheld the Commissioner's decision to assess based on a flat rate of 12%, finding no errors in the Tribunal's judgment. The Revenue's failure to provide evidence for a higher net profit rate led to the dismissal of the appeals, as the Court deemed the 12% rate appropriate under the circumstances. en-us Thu, 10 Apr 2008 00:00:00 +0530 Tue, 13 Sep 2011 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78087 The High Court dismissed the appeals challenging the application of a 12% net profit rate on gross receipts for contractors. The Court upheld the Commissioner's decision to assess based on a flat rate of 12%, finding no errors in the Tribunal's judgment. The Revenue's failure to provide evidence for a higher net profit rate led to the dismissal of the appeals, as the Court deemed the 12% rate appropriate under the circumstances. Case-Laws Income Tax Thu, 10 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78087