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2008 (2) TMI 325 - HC - Income TaxBusiness of manufacturing and sale of bricks – allegation of non-disclosure of sale of bricks in return of income-tax - Assessing Officer applied gross profit rate of 14% on the estimated sale - Tribunal held that the gross rate of 14% as applied by AO was highly excessive and without any basis - Tribunal applied the gross profit rate of 10% after considering the past history and the gross profit rate in subsequent years – no infirmity in the impugned order of the Tribunal
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