https://www.taxtmi.com/caselaws?id=270839 The ITAT allowed the Revenue's appeal, overturning the CIT(A)'s decision to grant relief based on a profit percentage of 5.3% instead of the 8% estimated by the Assessing Officer. The ITAT emphasized the statutory 8% net profit rate for civil contractors with turnovers below Rs. 40 lakhs as a fair benchmark. It found the CIT(A)'s reliance on the previous year's profit percentage unjustified and reinstated the Assessing Officer's order, highlighting the importance of maintaining proper books of account for accurate profit assessment. en-us Wed, 28 Oct 2015 00:00:00 +0530 Fri, 05 Aug 2022 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270839 The ITAT allowed the Revenue's appeal, overturning the CIT(A)'s decision to grant relief based on a profit percentage of 5.3% instead of the 8% estimated by the Assessing Officer. The ITAT emphasized the statutory 8% net profit rate for civil contractors with turnovers below Rs. 40 lakhs as a fair benchmark. It found the CIT(A)'s reliance on the previous year's profit percentage unjustified and reinstated the Assessing Officer's order, highlighting the importance of maintaining proper books of account for accurate profit assessment. Case-Laws Income Tax Wed, 28 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270839