https://www.taxtmi.com/caselaws?id=273142 The High Court upheld the Tribunal's decision to set the Gross Profit (GP) rate at 2 per cent in building contracts for the assessment year 1992-93, rejecting the Revenue's challenge to the lower rate compared to the standard 8 per cent. The Court found the Tribunal's decision well-founded on factual evidence, dismissing the appeal and emphasizing the Tribunal's discretion in determining GP rates based on evidence presented. The appeal was dismissed without costs, affirming the Tribunal's authority in fixing GP rates lower than those determined by the Assessing Officer. en-us Wed, 23 Feb 2005 00:00:00 +0530 Fri, 08 Jun 2018 11:54:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273142 The High Court upheld the Tribunal's decision to set the Gross Profit (GP) rate at 2 per cent in building contracts for the assessment year 1992-93, rejecting the Revenue's challenge to the lower rate compared to the standard 8 per cent. The Court found the Tribunal's decision well-founded on factual evidence, dismissing the appeal and emphasizing the Tribunal's discretion in determining GP rates based on evidence presented. The appeal was dismissed without costs, affirming the Tribunal's authority in fixing GP rates lower than those determined by the Assessing Officer. Case-Laws Income Tax Wed, 23 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273142