https://www.taxtmi.com/caselaws?id=4083 The court upheld the decision against the appellant-assessee, emphasizing the binding nature of circulars issued by the Central Board of Direct Taxes. The rejection of the appellant's claims under section 80P(2)(a)(vi) of the Income-tax Act was affirmed due to lack of evidence. The court stressed the independence of assessment years and the necessity of fulfilling legal requirements. The contention regarding the impact of outside labor on cooperative society exemptions was dismissed, requiring current evidence for claims. The court supported the assessment of net profits at 6%, deferring to the Tribunal's decision. Ultimately, the court found no merit in the appellant's arguments and dismissed the appeal. en-us Tue, 16 May 2006 00:00:00 +0530 Sat, 26 Jul 2008 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4083 The court upheld the decision against the appellant-assessee, emphasizing the binding nature of circulars issued by the Central Board of Direct Taxes. The rejection of the appellant's claims under section 80P(2)(a)(vi) of the Income-tax Act was affirmed due to lack of evidence. The court stressed the independence of assessment years and the necessity of fulfilling legal requirements. The contention regarding the impact of outside labor on cooperative society exemptions was dismissed, requiring current evidence for claims. The court supported the assessment of net profits at 6%, deferring to the Tribunal's decision. Ultimately, the court found no merit in the appellant's arguments and dismissed the appeal. Case-Laws Income Tax Tue, 16 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4083