https://www.taxtmi.com/caselaws?id=218929 The Tribunal upheld the first appellate authority's decision in an appeal by the Revenue against the assessment of an individual Government contractor for the year 2007-2008. The assessment was conducted under section 144 of the Income Tax Act due to non-compliance by the assessee. Estimates of business income were made based on comparisons with disclosed figures, with the net profit rate set at 7%. The Tribunal affirmed the 5% net profit rate and investment estimate, emphasizing the need for rational, reasonable assessments and compliance with tax procedures, ultimately dismissing the Revenue's appeal. en-us Wed, 25 Jul 2012 00:00:00 +0530 Thu, 29 Nov 2012 09:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218929 The Tribunal upheld the first appellate authority's decision in an appeal by the Revenue against the assessment of an individual Government contractor for the year 2007-2008. The assessment was conducted under section 144 of the Income Tax Act due to non-compliance by the assessee. Estimates of business income were made based on comparisons with disclosed figures, with the net profit rate set at 7%. The Tribunal affirmed the 5% net profit rate and investment estimate, emphasizing the need for rational, reasonable assessments and compliance with tax procedures, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 25 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218929