https://www.taxtmi.com/caselaws?id=290029 The Income Tax Appellate Tribunal (ITAT) partially allowed the assessee's appeal regarding the assessment of the net profit rate for the assessment year 2012-2013. The ITAT reduced the net profit rate from 6.5% to 6% on the gross turnover, citing the previous year's acceptance of a 5% rate by the CIT(A). The ITAT emphasized that no further depreciation would be permitted from the 6% net profit, ultimately providing relief to the assessee in this matter. en-us Fri, 26 Jul 2019 00:00:00 +0530 Sat, 05 Sep 2020 10:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290029 The Income Tax Appellate Tribunal (ITAT) partially allowed the assessee's appeal regarding the assessment of the net profit rate for the assessment year 2012-2013. The ITAT reduced the net profit rate from 6.5% to 6% on the gross turnover, citing the previous year's acceptance of a 5% rate by the CIT(A). The ITAT emphasized that no further depreciation would be permitted from the 6% net profit, ultimately providing relief to the assessee in this matter. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290029