1980 (3) TMI 49

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....NI J.-This is a petition under arts. 226 and 227 of the Constitution. The material facts giving rise to this petition briefly are as follows The petitioner carries on business as a contractor and is an assessee under the I.T. Act, 1961, hereinafter called " the Act ". For the assessment year 1974-75, the petitioner filed his return on estimate basis by computing the profit at a flat rate of 10 ....

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.... in upholding the order of the ITO by merely observing that in view of the nature of the business, the estimate of net profit at 15 per cent. appeared reasonable. On behalf of the department, no return was filed. Having heard learned counsel for the parties, we have come to the conclusion that this petition deserves to be allowed. Neither the ITO nor the Commissioner has referred to any materia....