https://www.taxtmi.com/caselaws?id=258222 The High Court upheld the Tribunal's decision, dismissing the Tax Appeal in favor of the assessee. It emphasized assessing taxable income based on the net profit rate, highlighting the misapplication of law by the Assessing Officer in applying the Gross Profit rate. The Court noted the importance of considering the specific circumstances of the case and concluded that the Tribunal's finding on the incorrectness of the addition made by the Assessing Officer was valid. en-us Thu, 11 Dec 2014 00:00:00 +0530 Thu, 02 Apr 2015 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258222 The High Court upheld the Tribunal's decision, dismissing the Tax Appeal in favor of the assessee. It emphasized assessing taxable income based on the net profit rate, highlighting the misapplication of law by the Assessing Officer in applying the Gross Profit rate. The Court noted the importance of considering the specific circumstances of the case and concluded that the Tribunal's finding on the incorrectness of the addition made by the Assessing Officer was valid. Case-Laws Income Tax Thu, 11 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258222