https://www.taxtmi.com/caselaws?id=440931 The Court upheld the decision of the CIT(A) to reduce the addition made by the AO, considering indirect expenses, and adjusting the net profit rate from 13% to 10%. The Court accepted the indirect expenses and determined a net profit rate of 10% on gross receipts, deleting the sustained addition of Rs. 7,29,223. The appeals for the relevant assessment years were allowed, and the net profit rate of 10% on total contract receipts was upheld, resulting in the deletion of additional challenged amounts. en-us Wed, 26 Jul 2023 00:00:00 +0530 Sat, 29 Jul 2023 08:10:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440931 The Court upheld the decision of the CIT(A) to reduce the addition made by the AO, considering indirect expenses, and adjusting the net profit rate from 13% to 10%. The Court accepted the indirect expenses and determined a net profit rate of 10% on gross receipts, deleting the sustained addition of Rs. 7,29,223. The appeals for the relevant assessment years were allowed, and the net profit rate of 10% on total contract receipts was upheld, resulting in the deletion of additional challenged amounts. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440931