https://www.taxtmi.com/caselaws?id=294460 The ITAT Chennai dismissed the Revenue's appeal against the CIT(Appeals) order for the assessment year 2005-06. The Tribunal upheld the reduction of the net profit rate from 10% to 2.5% for the civil construction assessee, emphasizing the need for factual basis in determining profit rates. The A.O.'s arbitrary rate without proper evidence was deemed unjustified, leading to the affirmation of the CIT(Appeals) decision. The Tribunal highlighted the importance of considering past history or comparable cases in such assessments. en-us Wed, 22 Dec 2010 00:00:00 +0530 Thu, 15 Apr 2021 12:37:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294460 The ITAT Chennai dismissed the Revenue's appeal against the CIT(Appeals) order for the assessment year 2005-06. The Tribunal upheld the reduction of the net profit rate from 10% to 2.5% for the civil construction assessee, emphasizing the need for factual basis in determining profit rates. The A.O.'s arbitrary rate without proper evidence was deemed unjustified, leading to the affirmation of the CIT(Appeals) decision. The Tribunal highlighted the importance of considering past history or comparable cases in such assessments. Case-Laws Income Tax Wed, 22 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294460