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TMI Blog2016 (2) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... to apply to every acts of the Tribunal merely adopting a yardstick in absence of any other concrete evidence to enable itself to estimate the true profit of the assessee. With respect to further additions, the Tribunal correctly dismissed the revenue appeal on the ground that the CIT (A) had adopted a gross profit rate methodology, new additions would, therefore, be not called for. - TAX APPEA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... merely on the ground that once when profit is estimated there is no requirement to make any further disallowance? 2. Likewise, in Tax Appeal No.912 of 2015 for assessment year 2009-10, the revenue has suggested following question for our consideration: (A) Whether, on the facts and circumstances of the case, the ITAT is right in reducing the profit estimated from 16% to 8% ? 3. The ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disclosed by the assessee at the rate of 12.41%, the assessee pointed out that the said rate cannot be adopted during the year under consideration, because the nature of work in that year was quite different from the nature of work undertaken during the year. It is explained that the work executed during the preceding year was not of under-sea project, whereas the work involved during the year wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t prescribed in that section. Though the said section is not applicable in the instant case, as the turnover of the assessee is more than the turnover specified in that section, however, taking a cue from the provision of this section and taking into consideration normal trend that the percentage of net profit is generally less when the turnover is higher, in our considered view, it shall meet end ..... X X X X Extracts X X X X X X X X Extracts X X X X
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