https://www.taxtmi.com/caselaws?id=352095 The High Court upheld the Tribunal's decision to restrict the addition of a specific amount to a lesser sum by applying a net profit rate of 5% instead of 8%, based on the appellant's historical net profit rates. The Court agreed that the 5% rate was appropriate, considering the appellant's past profits. Additionally, the Court supported the Tribunal's deletion of interest and other income additions, ruling that these amounts were integral to the contract business and should not be separately included in the income calculation. As a result, the appeal against the department was dismissed in favor of the assessee. en-us Wed, 22 Nov 2017 00:00:00 +0530 Thu, 07 Dec 2017 08:44:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352095 The High Court upheld the Tribunal's decision to restrict the addition of a specific amount to a lesser sum by applying a net profit rate of 5% instead of 8%, based on the appellant's historical net profit rates. The Court agreed that the 5% rate was appropriate, considering the appellant's past profits. Additionally, the Court supported the Tribunal's deletion of interest and other income additions, ruling that these amounts were integral to the contract business and should not be separately included in the income calculation. As a result, the appeal against the department was dismissed in favor of the assessee. Case-Laws Income Tax Wed, 22 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352095