https://www.taxtmi.com/caselaws?id=183213 The High Court held that the Tribunal erred in not considering the Commissioner of Income-tax's finding that the assessment order was erroneous and prejudicial to revenue. The Court emphasized the jurisdiction of the Commissioner to revise the order under section 263 and directed a net profit rate of 10% based on industry standards for civil contractors. The case was remitted back to the Tribunal for reconsideration on its merits, highlighting the significance of adhering to industry standards in determining net profit rates. en-us Thu, 22 May 2003 00:00:00 +0530 Wed, 01 Jun 2016 17:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183213 The High Court held that the Tribunal erred in not considering the Commissioner of Income-tax's finding that the assessment order was erroneous and prejudicial to revenue. The Court emphasized the jurisdiction of the Commissioner to revise the order under section 263 and directed a net profit rate of 10% based on industry standards for civil contractors. The case was remitted back to the Tribunal for reconsideration on its merits, highlighting the significance of adhering to industry standards in determining net profit rates. Case-Laws Income Tax Thu, 22 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183213