https://www.taxtmi.com/caselaws?id=251031 The Tribunal justified reducing the net profit rate to 5% for the assessee based on past history and nature of work, despite the A.O. estimating it at 10%. The Tribunal's decision was upheld, emphasizing the specific circumstances of the case. The Tribunal also reduced additions made by the A.O. based on estimation, supported by legal precedents. The judgment found no substantial question of law, upholding the decision in favor of the assessee and cancelling the penalty under Section-271(1)(c) due to deletion of additions, leading to dismissal of all department appeals. en-us Wed, 27 Aug 2014 00:00:00 +0530 Mon, 01 Sep 2014 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251031 The Tribunal justified reducing the net profit rate to 5% for the assessee based on past history and nature of work, despite the A.O. estimating it at 10%. The Tribunal's decision was upheld, emphasizing the specific circumstances of the case. The Tribunal also reduced additions made by the A.O. based on estimation, supported by legal precedents. The judgment found no substantial question of law, upholding the decision in favor of the assessee and cancelling the penalty under Section-271(1)(c) due to deletion of additions, leading to dismissal of all department appeals. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251031