2015 (5) TMI 1038

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..... I 570 - PUNJAB & HARYANA HIGH COURT) the discretion to determine an adequate net profit rate is neither unbridled nor unguided and must be guided by reason i.e. it should be preceded by a perceptible process of reasoning, based upon due consideration of all relevant facts. It was observed that the authorities under the Act appear to construe their jurisdiction as a discretion to apply a thumb rule .....

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..... ORDER S.J.VAZIFDAR, ACTING CHIEF JUSTICE (ORAL): 1. This is an appeal against the order of the Income Tax Appellate Tribunal, Amritsar (for short, the 'Tribunal') dated 15.07.2014 (Annexure A-9), holding that the net profit rate of 8% be applied to determine the income at the hands of the appellant/assessee, who is a civil contractor. 2. The appeal is admitted on the followin .....

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..... Tax, Bathinda (in ITA No.269 of 2014), decided on 20.11.2014, the discretion to determine an adequate net profit rate is neither unbridled nor unguided and must be guided by reason i.e. it should be preceded by a perceptible process of reasoning, based upon due consideration of all relevant facts. It was observed that the authorities under the Act appear to construe their jurisdiction as a discre .....

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