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Jangir Singh Mahli Versus Commissioner Central Tax, Patiala

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

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 Incom .....

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based upon due consideration of all relevant facts. It was observed that the authorities under the Act appear to construe their jurisdiction as a discretion to apply a thumb rule dependent almost entirely upon the whims of a particular Officer.

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nexure 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. .....

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E (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 to determine the income at the hand .....

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iving 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 assess .....

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ed 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 pro .....

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