1998 (8) TMI 130 - AT - Income Tax

Summary

The appeals by the Revenue were related to the consolidated order of the CIT(A)-I, Indore for the assessment years 1988-89, 1989-90, and 1990-91. The assessee, a civil contractor firm, disclosed a net profit of 10%, challenged the application of 12.5% net profit rate by the AO, and successfully argued for the 10% rate before the CIT(A). The ITAT Indore rejected the Revenue's appeals, upholding the 10% net profit rate declared by the assessee.