https://www.taxtmi.com/caselaws?id=243721 The High Court held that the application of 8% gross profit by the CIT (Appeal) and Tribunal was not legally justified as no valid reasons or material were provided. The court ruled in favor of the assessee, setting aside the orders of the Tribunal, CIT Commissioner (Appeal), and Assessing Officer regarding the estimation of gross profit for the relevant year. The Assessing Officer was directed to pass consequential orders accordingly. en-us Tue, 21 Jan 2014 00:00:00 +0530 Sat, 08 Feb 2014 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243721 The High Court held that the application of 8% gross profit by the CIT (Appeal) and Tribunal was not legally justified as no valid reasons or material were provided. The court ruled in favor of the assessee, setting aside the orders of the Tribunal, CIT Commissioner (Appeal), and Assessing Officer regarding the estimation of gross profit for the relevant year. The Assessing Officer was directed to pass consequential orders accordingly. Case-Laws Income Tax Tue, 21 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243721