https://www.taxtmi.com/caselaws?id=259972 The High Court directed the Tribunal to recompute the rate of profit for a turnover previously computed by the Assessing Officer. The Tribunal was instructed to reconsider the rate of profit and also consider the penalty issue. The Tribunal upheld the CIT(A)'s decision to delete additions based on the assessee's explanations and dismissed the department's appeal against the penalty, as the basis for the penalty was deleted. The Tribunal's decision on rate of profit computation, deletion of additions, and penalty under section 271(1)(c) of the Income Tax Act was in favor of the assessee. en-us Fri, 15 May 2015 00:00:00 +0530 Thu, 28 May 2015 06:33:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259972 The High Court directed the Tribunal to recompute the rate of profit for a turnover previously computed by the Assessing Officer. The Tribunal was instructed to reconsider the rate of profit and also consider the penalty issue. The Tribunal upheld the CIT(A)'s decision to delete additions based on the assessee's explanations and dismissed the department's appeal against the penalty, as the basis for the penalty was deleted. The Tribunal's decision on rate of profit computation, deletion of additions, and penalty under section 271(1)(c) of the Income Tax Act was in favor of the assessee. Case-Laws Income Tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259972