https://www.taxtmi.com/caselaws?id=254227 The court set aside the orders passed by the authorities and restored the matters for redetermination of the net profit rate for building contractors. Emphasizing the importance of a reasoned approach, the judgment highlighted that the discretion to determine the net profit rate should be guided by relevant factors and not be arbitrary. It clarified that a net profit rate determined without reasons could be deemed illegal if found to be arbitrary or perverse, stressing the need for a rational analysis based on all relevant facts. en-us Thu, 20 Nov 2014 00:00:00 +0530 Sat, 07 Nov 2015 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254227 The court set aside the orders passed by the authorities and restored the matters for redetermination of the net profit rate for building contractors. Emphasizing the importance of a reasoned approach, the judgment highlighted that the discretion to determine the net profit rate should be guided by relevant factors and not be arbitrary. It clarified that a net profit rate determined without reasons could be deemed illegal if found to be arbitrary or perverse, stressing the need for a rational analysis based on all relevant facts. Case-Laws Income Tax Thu, 20 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254227