https://www.taxtmi.com/caselaws?id=226226 The High Court upheld the Tribunal's decision to adopt a 7% net profit rate for the assessment year 2007-08, rejecting the Revenue's challenge to apply a 12% rate. The Court supported the Tribunal's reasoning based on the consistency of using an 8% rate in previous years and emphasized the factual nature of determining the net profit rate. The Court dismissed the appeal, affirming the importance of considering specific facts and maintaining consistency in assessing the net profit rate for each year. en-us Mon, 25 Mar 2013 00:00:00 +0530 Mon, 22 Apr 2013 08:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=226226 The High Court upheld the Tribunal's decision to adopt a 7% net profit rate for the assessment year 2007-08, rejecting the Revenue's challenge to apply a 12% rate. The Court supported the Tribunal's reasoning based on the consistency of using an 8% rate in previous years and emphasized the factual nature of determining the net profit rate. The Court dismissed the appeal, affirming the importance of considering specific facts and maintaining consistency in assessing the net profit rate for each year. Case-Laws Income Tax Mon, 25 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=226226