https://www.taxtmi.com/caselaws?id=12552 The court found that adopting a uniform profit margin for multiple years without considering the varying profit margins reported by the assessee was arbitrary. Each assessment year should be treated independently, and tax liability should be based on available data for each year. The Tribunal was directed to reconsider the profit margin for each year separately, with the requirement to base estimates on relevant data and the assessee's prior record. The Tribunal was granted authority to determine a different rate, as long as it is done lawfully and with reference to data for each assessment year. en-us Mon, 05 Nov 2001 00:00:00 +0530 Wed, 20 May 2009 10:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12552 The court found that adopting a uniform profit margin for multiple years without considering the varying profit margins reported by the assessee was arbitrary. Each assessment year should be treated independently, and tax liability should be based on available data for each year. The Tribunal was directed to reconsider the profit margin for each year separately, with the requirement to base estimates on relevant data and the assessee's prior record. The Tribunal was granted authority to determine a different rate, as long as it is done lawfully and with reference to data for each assessment year. Case-Laws Income Tax Mon, 05 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12552