https://www.taxtmi.com/caselaws?id=20325 The court upheld the estimation of gross profits at 12% for old contracts and 15% for new contracts, resulting in an addition to income. The reopening of the assessment under section 147(b) was deemed valid based on the discovery of higher profits through an audit note, allowing reassessment as new material not considered initially. The court ruled in favor of the Revenue, affirming the estimation of profits and the validity of the reassessment under section 147(b) based on new material found post the original assessment. en-us Tue, 06 Jul 1993 00:00:00 +0530 Fri, 13 Nov 2009 12:56:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20325 The court upheld the estimation of gross profits at 12% for old contracts and 15% for new contracts, resulting in an addition to income. The reopening of the assessment under section 147(b) was deemed valid based on the discovery of higher profits through an audit note, allowing reassessment as new material not considered initially. The court ruled in favor of the Revenue, affirming the estimation of profits and the validity of the reassessment under section 147(b) based on new material found post the original assessment. Case-Laws Income Tax Tue, 06 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20325