https://www.taxtmi.com/caselaws?id=205924 The High Court directed the Assessing Officer to calculate the assessee's income for the assessment year using a 5% Gross Profit (GP) rate, overturning the Tribunal's reliance solely on past GP rates and emphasizing consideration of both past and post-survey GP rates. The Court found a 5% GP rate fair and just based on the average GP rates for the last five years and the post-survey period. The appeals were disposed of accordingly. en-us Mon, 24 Jan 2011 00:00:00 +0530 Thu, 29 Sep 2011 01:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205924 The High Court directed the Assessing Officer to calculate the assessee's income for the assessment year using a 5% Gross Profit (GP) rate, overturning the Tribunal's reliance solely on past GP rates and emphasizing consideration of both past and post-survey GP rates. The Court found a 5% GP rate fair and just based on the average GP rates for the last five years and the post-survey period. The appeals were disposed of accordingly. Case-Laws Income Tax Mon, 24 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205924