https://www.taxtmi.com/caselaws?id=207025 The Court set aside the orders increasing the net profit rate in income assessment from 8% to 13% due to lack of justification and supporting material. The matter was remanded to the CIT(A) for a fresh examination based on available evidence, emphasizing the importance of a factual basis for determining net profit rates. The judgment highlights the necessity for a reasoned basis supported by material on record in enhancing net profit rates, ensuring adherence to legal principles and fair assessment practices. en-us Mon, 06 Dec 2010 00:00:00 +0530 Fri, 12 Jul 2013 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207025 The Court set aside the orders increasing the net profit rate in income assessment from 8% to 13% due to lack of justification and supporting material. The matter was remanded to the CIT(A) for a fresh examination based on available evidence, emphasizing the importance of a factual basis for determining net profit rates. The judgment highlights the necessity for a reasoned basis supported by material on record in enhancing net profit rates, ensuring adherence to legal principles and fair assessment practices. Case-Laws Income Tax Mon, 06 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207025