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2017 (9) TMI 1640 - HC - Income TaxG.P. addition - admitted facts in the statement of Director u/s 132(4) - Held that:- Taking into account the average GP rate which will be applied in the present case will be 12 per cent. It is made clear that where ever the profit is more than 12 per cent, the same will not be refunded to the assessee but where it is less than 12 per cent, the income will be assessed on the basis of 12 per cent GP.
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