https://www.taxtmi.com/caselaws?id=460399 The court partially allowed the appeal by directing the Assessing Officer (AO) to apply a 5% net profit rate instead of the 15% initially estimated, aligning with the appellant's historical profit rates and similar cases. The appellant, a labor cooperative society, did not press other issues, including the disallowance of deductions under section 80P(2)(vi) and the membership status of laborers, leading to their dismissal. The decision emphasized fair income estimation consistent with past performance and the nature of the appellant's activities. en-us Thu, 30 Jun 2016 00:00:00 +0530 Wed, 22 Jan 2025 18:57:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460399 The court partially allowed the appeal by directing the Assessing Officer (AO) to apply a 5% net profit rate instead of the 15% initially estimated, aligning with the appellant's historical profit rates and similar cases. The appellant, a labor cooperative society, did not press other issues, including the disallowance of deductions under section 80P(2)(vi) and the membership status of laborers, leading to their dismissal. The decision emphasized fair income estimation consistent with past performance and the nature of the appellant's activities. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460399