https://www.taxtmi.com/caselaws?id=186312 The Revenue's appeal challenging the application of a net profit rate at 8% on gross receipts without deductions was dismissed. The Assessing Officer's rejection of book results under section 145(3) was upheld, but further deductions were allowed before applying the net profit rate. The deletion of an addition on interest income was justified based on natural justice principles and the business connection of the interest received. The judgment emphasized procedural fairness and upheld the ld. CIT(A)'s decision, dismissing the Revenue's appeal. en-us Mon, 29 Apr 2013 00:00:00 +0530 Thu, 11 May 2017 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186312 The Revenue's appeal challenging the application of a net profit rate at 8% on gross receipts without deductions was dismissed. The Assessing Officer's rejection of book results under section 145(3) was upheld, but further deductions were allowed before applying the net profit rate. The deletion of an addition on interest income was justified based on natural justice principles and the business connection of the interest received. The judgment emphasized procedural fairness and upheld the ld. CIT(A)'s decision, dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 29 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186312