https://www.taxtmi.com/caselaws?id=269393 The Tribunal upheld the CIT(A)'s order, reducing the net profit estimation to 9% for main contract works and excluding work in progress from gross turnover. The decision emphasized the importance of accurate estimation methods and proper accounting practices in civil construction businesses, dismissing the revenue's appeal for a higher net profit percentage of 12.5% and inclusion of work in progress in gross receipts. The Tribunal's ruling was influenced by past cases, industry practices, and reference to a crucial ITAT Hyderabad bench decision. en-us Fri, 04 Dec 2015 00:00:00 +0530 Tue, 19 Jan 2016 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269393 The Tribunal upheld the CIT(A)'s order, reducing the net profit estimation to 9% for main contract works and excluding work in progress from gross turnover. The decision emphasized the importance of accurate estimation methods and proper accounting practices in civil construction businesses, dismissing the revenue's appeal for a higher net profit percentage of 12.5% and inclusion of work in progress in gross receipts. The Tribunal's ruling was influenced by past cases, industry practices, and reference to a crucial ITAT Hyderabad bench decision. Case-Laws Income Tax Fri, 04 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269393