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TMI Blog2011 (3) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... r the assessment year 2005-2006, the net profit rate of 1.45% was applied after allowance of salary and interest paid to the partners, had held that the net profit rate of 10% for this assessment year was reasonable and justified. - Accordingly decided against the revenue - 879 of 2010 - - - Dated:- 17-3-2011 - MR. JUSTICE ADARSH KUMAR GOEL, MR. JUSTICE AJAY KUMAR MITTAL, JJ. Mr. Rajesh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee were rejected by the Assessing Officer and the Net Profit rate of 12% had been adopted based on the decision of Hon ble Punjab and Haryana High Court in the case of CIT, Hisar vs. Prabhat Kumar Contractor, Sirsa (supra)? 3. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the respondent-assessee, a firm of civil contractor, filed its return on 31. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income-tax (Appeals)-I {in short the CIT(A) }, which was partly allowed vide order dated 24.2.2010. The CIT(A) after relying upon a decision of this Court in Income Tax Appeal No. 293 of 2008 (Commissioner of Income tax, Hisar vs. M/s. Prabhat Kumar Contract, Sirsa), decided on 14.11.2008 sustained the addition made by the assessing officer by adopting the net profit rate of 12% of contr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hisar vs. M/s. Prabhat Kumar Contract, Sirsa), decided on 14.11.2008 submitted that this Court in the case of a similar civil contractor had accepted 12% net profit rate on the contract receipts to be reasonable. The net profit rate of 10% on the contract receipts adopted by the Tribunal was, thus, not justified. 8. The issue that arises for consideration in this case is, whether the net profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest paid to the partners, had held that the net profit rate of 10% for this assessment year was reasonable and justified. No doubt, this Court in M/s. Prabhat Kumar Contract, Sirsa s case (supra) in an individual factual situation therein had held 12% net profit rate to be reasonable but it had not been held that a universal flat rate has to be applied as a general rule in all cases. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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