https://www.taxtmi.com/caselaws?id=185893 The Tribunal partially allowed the appeal by directing the Assessing Officer to tax the income at 8% under Section 44AD, aligning with the provisions of the Income Tax Act and the agreement of the assessee's counsel. The Tribunal found that the estimation of net profit at 10% of contract receipts lacked a cogent basis and should be aligned with the Act, deleting various adhoc disallowances made by the Assessing Officer and upholding taxation at 8% of gross receipts. The issue of assessing the assessee as an Association of Persons was not specifically addressed in the judgment. en-us Fri, 27 May 2011 00:00:00 +0530 Thu, 01 Sep 2016 17:41:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185893 The Tribunal partially allowed the appeal by directing the Assessing Officer to tax the income at 8% under Section 44AD, aligning with the provisions of the Income Tax Act and the agreement of the assessee's counsel. The Tribunal found that the estimation of net profit at 10% of contract receipts lacked a cogent basis and should be aligned with the Act, deleting various adhoc disallowances made by the Assessing Officer and upholding taxation at 8% of gross receipts. The issue of assessing the assessee as an Association of Persons was not specifically addressed in the judgment. Case-Laws Income Tax Fri, 27 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185893