https://www.taxtmi.com/caselaws?id=261484 The Tribunal upheld the CIT(A)'s decision to adopt a net profit rate of 2.24% of gross receipts for the assessee, dismissing the Revenue's appeal challenging the estimation. The Tribunal found the comparable cases supported the 2.24% rate and deemed the Revenue's objections unsustainable. The Revenue's arguments for a higher net profit rate based on other cases were rejected, and the Tribunal concluded that the appeal lacked merit, affirming the lower net profit rate determination for the assessee company engaged in land development work. en-us Thu, 12 Mar 2015 00:00:00 +0530 Thu, 25 Jun 2015 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261484 The Tribunal upheld the CIT(A)'s decision to adopt a net profit rate of 2.24% of gross receipts for the assessee, dismissing the Revenue's appeal challenging the estimation. The Tribunal found the comparable cases supported the 2.24% rate and deemed the Revenue's objections unsustainable. The Revenue's arguments for a higher net profit rate based on other cases were rejected, and the Tribunal concluded that the appeal lacked merit, affirming the lower net profit rate determination for the assessee company engaged in land development work. Case-Laws Income Tax Thu, 12 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261484