9911796707
TMI Blog2011 (9) TMI 1099X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer applied the net profit rate as 7% and the said order has been affirmed by the learned Appellate Tribunal. The learned Tribunal has recorded a finding that there is no evidence produced by the revenue to prove that the assessee has the higher profit than the net profit rate of 7%. A perusal of the order passed by the learned Commissioner shows that for the earlier years such as 2001-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer levying net profit rate @ 7%. Earlier, Rajinder Singh-father of the assessee was carrying on the road construction work and after his death, present assessee has taken over the construction business of the Firm. It has been found by the Tribunal that for the earlier years i.e 1996-1997 and 1998-1999, the net profit at the rate of 8% was applied while framing assessment of the father of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit rate of 7%. A perusal of the order passed by the learned Commissioner shows that for the earlier years such as 2001-2002, 2002-03, 2003-04 and 2004-05, net profit rate of 7% was applied. Since the net profit rate was being applied in the previous years as 7%, there is no valid ground to enhance the net profit rate to 12%. We do not find any illegality or irregularity in the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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