https://www.taxtmi.com/caselaws?id=350639 The High Court upheld the Commissioner of Income Tax's decision to reject the petitioner's Section 264 petition, finding the 12% profit rate applied by the Assessing Officer reasonable. The petitioner's delay in filing the petition, lack of complete details, and failure to substantiate claims led to the dismissal of the petition. The Court emphasized the importance of providing relevant material during assessment proceedings and noted the inconsistency in the petitioner's arguments regarding the profit rate. Ultimately, the Court found no merit in the petitioner's contentions and dismissed the case. en-us Mon, 15 May 2017 00:00:00 +0530 Mon, 13 Nov 2017 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350639 The High Court upheld the Commissioner of Income Tax's decision to reject the petitioner's Section 264 petition, finding the 12% profit rate applied by the Assessing Officer reasonable. The petitioner's delay in filing the petition, lack of complete details, and failure to substantiate claims led to the dismissal of the petition. The Court emphasized the importance of providing relevant material during assessment proceedings and noted the inconsistency in the petitioner's arguments regarding the profit rate. Ultimately, the Court found no merit in the petitioner's contentions and dismissed the case. Case-Laws Income Tax Mon, 15 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350639