https://www.taxtmi.com/caselaws?id=13565 The court dismissed the appeal of a civil construction contractor regarding the assessment order based on a net profit rate of 12.5% and additions for unexplained cash credit. The Commissioner of Income-tax (Appeals) deleted the additions due to it being the first year of business, and the Tribunal upheld this decision. The court applied a net profit rate of 8% under section 44AD, restricting the income to 8%. It was held that no substantial questions of law arose, emphasizing the relevance of section 44AD in estimating income for businesses with returns less than 8% of gross receipts. en-us Thu, 05 Oct 2006 00:00:00 +0530 Fri, 29 May 2009 17:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13565 The court dismissed the appeal of a civil construction contractor regarding the assessment order based on a net profit rate of 12.5% and additions for unexplained cash credit. The Commissioner of Income-tax (Appeals) deleted the additions due to it being the first year of business, and the Tribunal upheld this decision. The court applied a net profit rate of 8% under section 44AD, restricting the income to 8%. It was held that no substantial questions of law arose, emphasizing the relevance of section 44AD in estimating income for businesses with returns less than 8% of gross receipts. Case-Laws Income Tax Thu, 05 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13565