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2011 (2) TMI 759 - AT - Income TaxReliability of Computer Records - Held that where purchases were shown in stock register and as closing stock in books - Assessing Officer is not justified in rejected the stock register merely because the copy produced thereof was a computer printout. Computation of Profit as per GP Rate - Held That:- Determination of GP rate cannot be made in the air. It has to be based on some material. when no comparable case or instance has been cited by the ld. CIT(A) to arrive at an estimate of 8.5%, we find the assesse to be justified in contending that an estimate of the Gross Profit be made at the average rate of the preceding three years. Thus cross objection filed by assessee is allowed.
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