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2015 (5) TMI 1038 - PUNJAB AND HARYANA HIGH COURT

2015 (5) TMI 1038 - PUNJAB AND HARYANA HIGH COURT - TMI - Determination of net profitability rate - assessee declared a net profit rate of 3.5% - AO applied the rate of 12% - CIT applied the rate of 5% - ITAT @ 8% - Held that:- As held by a Division Bench of this Court in Telelinks Vs. Commissioner of Income Tax, Bathinda (2014 (12) TMI 570 - PUNJAB & HARYANA HIGH COURT) the discretion to determine an adequate net profit rate is neither unbridled nor unguided and must be guided by reason i.e. it .....

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ench, in the above judgment.The order dated 15.07.2014 (Annexure A-9), passed by the Tribunal, is set aside and the matter is restored, to pass a fresh order, in accordance with law - Decided in favour of assessee - ITA No.428 of 2014 (O&M) - Dated:- 6-5-2015 - MR. S.J.VAZIFDAR, ACTING CHIEF JUSTICE AND MR. G.S.SANDHAWALIA, J For the Petitioner : Mr.Pankaj Jain, Sr.Advocate with Mr.Divya Suri, Advocate, Mr.Sachin Bhardwaj, Advocate and Mr.Radhe Mohan Garg, Advocate For the Respondent : Mrs.Savit .....

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sustainable while the findings are unreasonable while arriving at the 'net profitability rate' relying upon the decision of this Hon'ble Court in CIT vs. Prabhat Kumar Contractor, ITA No.293 of 2008 which is not applicable & not a 'ratio decendi' on a principle of law? 3. The assessee declared a net profit rate of 3.5%. The Assessing Authority (for short, the 'AO'), applied the rate of 12%. The Commissioner of Income Tax (Appeals) (for short, the 'CIT') a .....

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