1980 (3) TMI 49

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..... tution. The material facts giving rise to this petition briefly are as follows The petitioner carries on business as a contractor and is an assessee under the I.T. Act, 1961, hereinafter called " the Act ". For the assessment year 1974-75, the petitioner filed his return on estimate basis by computing the profit at a flat rate of 10 per cent. on gross receipts, as the petitioner did not maintain .....

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..... iew of the nature of the business, the estimate of net profit at 15 per cent. appeared reasonable. On behalf of the department, no return was filed. Having heard learned counsel for the parties, we have come to the conclusion that this petition deserves to be allowed. Neither the ITO nor the Commissioner has referred to any material for applying the flat rate of 15 per cent. while estimating net .....

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