2011 (10) TMI 458

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.....   The revenue is in appeal under Section 260A of the Indian Tax Act, 1961 (for short the Act) arising out of the order passed by the Income Tax Appellate Tribunal, Delhi Bench, Delhi, dated 20.1.2011, whereby the order passed by the Commissioner of Income Tax (Appeals) applying the rate of profit @ 12% was set aside and instead rate of profit @ 4% was adopted.   The revenue has claime .....

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..... ssessing Officer served notice under Section 143(2) and 143(1) of the Act and after giving opportunity, framed best judgmentassessment applying net profit for the year at the rate of 5% and made additions against the net profit.   In appeal, the Commissioner of Income Tax, after serving a notice, applied net profit rate of 12% after relying upon a judgment of this Court in Parbhat Kumar's ca .....

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..... te could be interfered with by the Tribunal.   We do not find any merit in the said argument. The assessee's return for the year 2003-04 was accepted under Section 143(1) of the Act and when assessee has claimed 6.37% as net profit. In the subsequent year, i.e., 2004-05, assessment was completed under Section 143(3) of the Act with 2.15% as the net profit rate. Keeping in view the profits al .....

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