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2006 (1) TMI 460 - AT - Income TaxExtract: .......AF will be Rs. 1.25 lakhs. Sales of food items estimated at Rs. 22 lakhs and net profit of 15 per cent is upheld. Net profit on food items will be Rs. 3.3 lakhs. Hence, net profit before remuneration to partners will be Rs. 4.55 lakh as against Rs. 8.30 lakh estimated by Assessing Officer. In the result, the appeal of the revenue is partly allowed.
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