Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (9) TMI 1099 - PUNJAB AND HARYANA HIGH COURTN.P. determination - Held that:- No substantial question of law arises for the consideration of this Court. It is question of fact keeping in view circumstances of each case as to whether net profit rate of 7% is to be applied or enhanced to the rate of 12%. The Assessing Officer applied the net profit rate as 7% and the said order has been affirmed by the learned Appellate Tribunal. The learned Tribunal has recorded a finding that there is no evidence produced by the revenue to prove that the assessee has the higher profit than the net profit rate of 7%. A perusal of the order passed by the learned Commissioner shows that for the earlier years such as 2001-2002, 2002-03, 2003-04 and 2004-05, net profit rate of 7% was applied. Since the net profit rate was being applied in the previous years as 7%, there is no valid ground to enhance the net profit rate to 12%.
|