https://www.taxtmi.com/caselaws?id=117213 The Tribunal upheld the Commissioner (Appeals)'s decision accepting the 9.3% net profit rate disclosed by the assessee, dismissing the Revenue's appeal for the higher 11.5% rate. The Tribunal found the decrease in profit rate justified due to specific reasons provided by the assessee, such as increased contract receipts and external factors. Previous assessment years and the peculiar circumstances of the current year supported the decision. The assessee's Cross Objection was also dismissed. Ultimately, the Tribunal ruled in favor of the assessee, affirming the 9.3% profit rate for the year under consideration. en-us Wed, 27 Nov 2002 00:00:00 +0530 Thu, 21 Jun 2012 10:55:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117213 The Tribunal upheld the Commissioner (Appeals)'s decision accepting the 9.3% net profit rate disclosed by the assessee, dismissing the Revenue's appeal for the higher 11.5% rate. The Tribunal found the decrease in profit rate justified due to specific reasons provided by the assessee, such as increased contract receipts and external factors. Previous assessment years and the peculiar circumstances of the current year supported the decision. The assessee's Cross Objection was also dismissed. Ultimately, the Tribunal ruled in favor of the assessee, affirming the 9.3% profit rate for the year under consideration. Case-Laws Income Tax Wed, 27 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117213