https://www.taxtmi.com/caselaws?id=56985 The Tribunal upheld the Assessing Officer's decision to apply a 10% net profit rate for a MES Contractor due to accounting defects. Depreciation and interest were allowed based on a CBDT Circular, with no new factors for disallowance. The invocation of the proviso to section 145(1) was deemed justified, resulting in a low net profit rate. Past assessments and CBDT Circulars were considered, but the principle of res judicata was not strictly applied. The AO's method was supported, and the revenue's appeal was accepted, reversing the CIT(A)'s order. en-us Mon, 31 Aug 1998 00:00:00 +0530 Tue, 07 Dec 2010 16:36:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56985 The Tribunal upheld the Assessing Officer's decision to apply a 10% net profit rate for a MES Contractor due to accounting defects. Depreciation and interest were allowed based on a CBDT Circular, with no new factors for disallowance. The invocation of the proviso to section 145(1) was deemed justified, resulting in a low net profit rate. Past assessments and CBDT Circulars were considered, but the principle of res judicata was not strictly applied. The AO's method was supported, and the revenue's appeal was accepted, reversing the CIT(A)'s order. Case-Laws Income Tax Mon, 31 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56985