https://www.taxtmi.com/caselaws?id=235995 The High Court dismissed the appeal filed by the department against the Income Tax Appellate Tribunal's order for assessment years 1997-98. The Tribunal's decision to apply an 8% profit rate on contract receipts was upheld, with the Court emphasizing that detailed reasons for affirmance were not necessary. The Court found no substantial question of law for consideration and deemed the Tribunal's decision based on reasonable grounds. Despite a delay in filing the appeal, it was ultimately condoned, and the Court proceeded to uphold the Tribunal's decision on the profit rate and assessment for the relevant year. en-us Wed, 20 Mar 2013 00:00:00 +0530 Sat, 10 Aug 2013 08:23:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235995 The High Court dismissed the appeal filed by the department against the Income Tax Appellate Tribunal's order for assessment years 1997-98. The Tribunal's decision to apply an 8% profit rate on contract receipts was upheld, with the Court emphasizing that detailed reasons for affirmance were not necessary. The Court found no substantial question of law for consideration and deemed the Tribunal's decision based on reasonable grounds. Despite a delay in filing the appeal, it was ultimately condoned, and the Court proceeded to uphold the Tribunal's decision on the profit rate and assessment for the relevant year. Case-Laws Income Tax Wed, 20 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235995