https://www.taxtmi.com/caselaws?id=200866 The Tribunal partially allowed the Revenue's appeal by reinstating the AO's 10% net profit rate on contract receipts and remanding the issue of Rs. 22,00,000/- unsecured loans for further examination. The Tribunal found the CIT(A) lacked sufficient justification for deviating from the AO's decision on the profit rate and failing to verify the genuineness and relevant assessment year of the loans. The appeal was partly allowed for statistical purposes, directing a fresh examination by the AO. en-us Fri, 14 Feb 2014 00:00:00 +0530 Mon, 30 Apr 2018 06:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200866 The Tribunal partially allowed the Revenue's appeal by reinstating the AO's 10% net profit rate on contract receipts and remanding the issue of Rs. 22,00,000/- unsecured loans for further examination. The Tribunal found the CIT(A) lacked sufficient justification for deviating from the AO's decision on the profit rate and failing to verify the genuineness and relevant assessment year of the loans. The appeal was partly allowed for statistical purposes, directing a fresh examination by the AO. Case-Laws Income Tax Fri, 14 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200866