https://www.taxtmi.com/caselaws?id=359360 The High Court dismissed the appeal against the ITAT order, upholding the Tribunal's decision. The Court found the Tribunal's reasoning sound, supported by precedents, and emphasized the need to consider each case's unique circumstances. It affirmed the Tribunal's exercise of judicial discretion in applying a 10% net profit rate on gross receipts, reinstating the rate set by the Assessing Authority. Additionally, the Court ruled that the judgment cited by the appellant did not constitute a mistake apparent from the record, thus not warranting rectification under Section 254(2) of the Income Tax Act. en-us Wed, 18 Apr 2018 00:00:00 +0530 Fri, 27 Apr 2018 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359360 The High Court dismissed the appeal against the ITAT order, upholding the Tribunal's decision. The Court found the Tribunal's reasoning sound, supported by precedents, and emphasized the need to consider each case's unique circumstances. It affirmed the Tribunal's exercise of judicial discretion in applying a 10% net profit rate on gross receipts, reinstating the rate set by the Assessing Authority. Additionally, the Court ruled that the judgment cited by the appellant did not constitute a mistake apparent from the record, thus not warranting rectification under Section 254(2) of the Income Tax Act. Case-Laws Income Tax Wed, 18 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359360