Allowing the petition the Court held that, the Tribunal directed the assessee to attend the assessment proceedings and justify its case on lower rate of profit in accordance with its books of account. The AO directed to verify the same and decide the issue a fresh (the Tribunal says that “decide the issue a fresh” means the issue with regard to the claim of lower rate of profit.  writ application succeeds and is hereby allowed. The impugned order passed by the Assessing Officer is hereby quashed and set aside. The matter is remitted to the Assessing Officer for fresh consideration of the issue as specifically directed by the Appellate Tribunal. Court also observed that the Assessing Officer now needs to reconsider the issue with regard to claim of the writ applicant for lower rate of profit and not at the rate of 8%. Rule is made absolute to the aforesaid extent. (AY. 2004-05)