https://www.taxtmi.com/caselaws?id=273948 The High Court upheld the Income Tax Appellate Tribunal's decision to reduce the Gross Profit (GP) rate from 8% to 6% for the assessment year 2004-05, finding no evidence to suggest the decision was unjustified. Additionally, the Court supported the Tribunal's decision on the telescoping of income, stating that the receipts earned by the assessee were related to business activities. Consequently, both issues were decided in favor of the assessee, resulting in the dismissal of the department's appeal. en-us Mon, 27 Feb 2017 00:00:00 +0530 Sat, 21 Jul 2018 09:34:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273948 The High Court upheld the Income Tax Appellate Tribunal's decision to reduce the Gross Profit (GP) rate from 8% to 6% for the assessment year 2004-05, finding no evidence to suggest the decision was unjustified. Additionally, the Court supported the Tribunal's decision on the telescoping of income, stating that the receipts earned by the assessee were related to business activities. Consequently, both issues were decided in favor of the assessee, resulting in the dismissal of the department's appeal. Case-Laws Income Tax Mon, 27 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273948