https://www.taxtmi.com/caselaws?id=183684 The ITAT partly allowed the assessee's appeal and dismissed the revenue's appeal. The ITAT applied a net profit rate of 7% on the turnover of Rs. 120.09 crores, considering past history and decisions in previous years. The enhancement of income by the CIT(A) without specific show cause notice was deemed illegal. The disallowance of joint venture charges was upheld, and the interest payment was allowed as a deduction, following the precedent set in earlier years. en-us Fri, 24 Jul 2015 00:00:00 +0530 Sat, 18 Jun 2016 08:56:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183684 The ITAT partly allowed the assessee's appeal and dismissed the revenue's appeal. The ITAT applied a net profit rate of 7% on the turnover of Rs. 120.09 crores, considering past history and decisions in previous years. The enhancement of income by the CIT(A) without specific show cause notice was deemed illegal. The disallowance of joint venture charges was upheld, and the interest payment was allowed as a deduction, following the precedent set in earlier years. Case-Laws Income Tax Fri, 24 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183684