https://www.taxtmi.com/caselaws?id=184858 The Court upheld the Income Tax Appellate Tribunal's decision regarding the assessment year 2001-02. It found the estimation of income based on authenticated contracts to be valid, emphasizing the need for proper evidence for expense deductions. The Tribunal's application of a 10% net rate of profit on receipts was deemed reasonable, considering past assessments and absence of special circumstances for a higher rate. The Court concluded that the appeal lacked merit, as the Tribunal's discretion was deemed appropriate, leading to the dismissal of the appeal. en-us Mon, 07 May 2007 00:00:00 +0530 Fri, 22 Jul 2016 15:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184858 The Court upheld the Income Tax Appellate Tribunal's decision regarding the assessment year 2001-02. It found the estimation of income based on authenticated contracts to be valid, emphasizing the need for proper evidence for expense deductions. The Tribunal's application of a 10% net rate of profit on receipts was deemed reasonable, considering past assessments and absence of special circumstances for a higher rate. The Court concluded that the appeal lacked merit, as the Tribunal's discretion was deemed appropriate, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 07 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184858