https://www.taxtmi.com/caselaws?id=237761 The court upheld the decision to apply an 8% net profit rate in the assessment for a civil contractor, rejecting the appellant's claim of arbitrariness. Comparing with precedent cases, the court found the rate reasonable and not arbitrary, emphasizing the estimation element in best judgment assessments. The appeal was dismissed as no substantial legal question arose, affirming the acceptability of the 8% rate in this context. The judgment clarified the approach to determining net profit rates for civil contractors, highlighting the importance of fair estimation in such assessments. en-us Wed, 13 Feb 2013 00:00:00 +0530 Mon, 07 Oct 2013 21:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237761 The court upheld the decision to apply an 8% net profit rate in the assessment for a civil contractor, rejecting the appellant's claim of arbitrariness. Comparing with precedent cases, the court found the rate reasonable and not arbitrary, emphasizing the estimation element in best judgment assessments. The appeal was dismissed as no substantial legal question arose, affirming the acceptability of the 8% rate in this context. The judgment clarified the approach to determining net profit rates for civil contractors, highlighting the importance of fair estimation in such assessments. Case-Laws Income Tax Wed, 13 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237761