https://www.taxtmi.com/caselaws?id=356735 The Income Tax Appellate Tribunal upheld the rejection of the books of accounts of the assessee and directed the Assessing Officer to calculate the net profit at a ratio of 2.5% of the total turnover. The Tribunal considered past tax history and relevant factors, emphasizing the importance of factors such as past tax history, nature of business, and economic conditions in determining the net profit rate. The appeal of the assessee was partly allowed, and the Assessing Officer was directed to calculate the net profit at the specified ratio. en-us Mon, 05 Mar 2018 00:00:00 +0530 Sat, 10 Mar 2018 06:58:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356735 The Income Tax Appellate Tribunal upheld the rejection of the books of accounts of the assessee and directed the Assessing Officer to calculate the net profit at a ratio of 2.5% of the total turnover. The Tribunal considered past tax history and relevant factors, emphasizing the importance of factors such as past tax history, nature of business, and economic conditions in determining the net profit rate. The appeal of the assessee was partly allowed, and the Assessing Officer was directed to calculate the net profit at the specified ratio. Case-Laws Income Tax Mon, 05 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356735