2013 (4) TMI 456

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....of the Income Tax Act, 1961 is arising out of an order dated 28.04.2011 passed by Income Tax Appellate Tribunal, Chandigarh (for short "the Tribunal") pertaining to the year 2007-08. The Revenue has claimed the following question of law: " i) Whether on the facts and circumstances of the case, the Hon'ble Tribunal was right in law in allowing an adoption of Net Profit rate of 7% as ruled by the....

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....Year 2007-08 in contrast to the earlier years, which made him adopt the net profit rate of 12%. Hence, the order of the ITAT is arbitrary and perverse." Learned Tribunal has dismissed the appeal filed by the Revenue for the reason that net profit rate of 8% was applied in the case of assessee in the year 2005-06 and 2006-07, therefore, in the present assessment year, the Tribunal found no reaso....