https://www.taxtmi.com/caselaws?id=284311 The appeal involved the application of a net rate of profit on turnover from civil contracts for A.Y. 2008-09. The AO rejected the books of accounts and increased the net profit rate to 11.50%. The Tribunal ruled that the rate applied in the previous year was relevant post-rejection of books, emphasizing the importance of the assessee's past history. Despite lack of scrutiny in A.Y. 2007-08, the Tribunal held that past history is crucial after book rejection. Consequently, the Tribunal applied the net profit rate of the past year, allowing the appeal. en-us Mon, 23 Sep 2013 00:00:00 +0530 Mon, 11 Nov 2019 16:24:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284311 The appeal involved the application of a net rate of profit on turnover from civil contracts for A.Y. 2008-09. The AO rejected the books of accounts and increased the net profit rate to 11.50%. The Tribunal ruled that the rate applied in the previous year was relevant post-rejection of books, emphasizing the importance of the assessee's past history. Despite lack of scrutiny in A.Y. 2007-08, the Tribunal held that past history is crucial after book rejection. Consequently, the Tribunal applied the net profit rate of the past year, allowing the appeal. Case-Laws Income Tax Mon, 23 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284311