1982 (5) TMI 109 - AT - Income Tax

Summary

The dispute in the appeal was about the estimate of net profits by the assessee, a constructor. The Income Tax Officer (ITO) applied a net profit rate of 15%, estimating income at Rs. 40,155, which was confirmed by the AAC. The Appellate Tribunal decided to apply a net profit rate of 12 1/2%, reducing the assessment by Rs. 6,697. The appeal was partly allowed.