2015 (5) TMI 1038

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....ivya Suri, Advocate, Mr.Sachin Bhardwaj, Advocate and Mr.Radhe Mohan Garg, Advocate For the Respondent : Mrs.Savita Saxena, Advocate ORDER S.J.VAZIFDAR, ACTING CHIEF JUSTICE (ORAL): 1. This is an appeal against the order of the Income Tax Appellate Tribunal, Amritsar (for short, the 'Tribunal') dated 15.07.2014 (Annexure A-9), holding that the net profit rate of 8% be applied t....

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....to arrive at the rate in a proper and judicious manner. As held by a Division Bench of this Court in Telelinks Vs. Commissioner of Income Tax, Bathinda (in ITA No.269 of 2014), decided on 20.11.2014, the discretion to determine an adequate net profit rate is neither unbridled nor unguided and must be guided by reason i.e. it should be preceded by a perceptible process of reasoning, based upon due ....