https://www.taxtmi.com/caselaws?id=421726 The High Court allowed the appeal, setting aside the tribunal's decision and remanding the case to the assessing officer for fresh consideration. The assessing officer was directed to provide the assessee with a personal hearing, allow them to present records, and issue a reasoned order. The CIT(A)'s determination of gross profit at 40% was upheld, but the denial of 17.01% of gross profit required further review. The court emphasized the importance of evidence-based decisions and proper reassessment procedures in tax matters. en-us Fri, 08 Apr 2022 00:00:00 +0530 Sat, 30 Apr 2022 08:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421726 The High Court allowed the appeal, setting aside the tribunal's decision and remanding the case to the assessing officer for fresh consideration. The assessing officer was directed to provide the assessee with a personal hearing, allow them to present records, and issue a reasoned order. The CIT(A)'s determination of gross profit at 40% was upheld, but the denial of 17.01% of gross profit required further review. The court emphasized the importance of evidence-based decisions and proper reassessment procedures in tax matters. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421726