https://www.taxtmi.com/caselaws?id=182314 The High Court allowed the appeal against the Income Tax Appellate Tribunal's order, which had applied a net profit rate of 8% for the appellant, a civil contractor. The Court emphasized the need for a reasoned decision in determining the rate and found the Tribunal's lack of justification similar to a previous case. Consequently, the Tribunal's order was set aside, and the matter was remanded for a fresh decision in accordance with the law, with the possibility of further remand to the Commissioner of Income Tax or Assessing Authority for proper consideration. en-us Wed, 06 May 2015 00:00:00 +0530 Sat, 07 May 2016 10:30:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182314 The High Court allowed the appeal against the Income Tax Appellate Tribunal's order, which had applied a net profit rate of 8% for the appellant, a civil contractor. The Court emphasized the need for a reasoned decision in determining the rate and found the Tribunal's lack of justification similar to a previous case. Consequently, the Tribunal's order was set aside, and the matter was remanded for a fresh decision in accordance with the law, with the possibility of further remand to the Commissioner of Income Tax or Assessing Authority for proper consideration. Case-Laws Income Tax Wed, 06 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182314