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2012 (10) TMI 702 - AT - Income TaxDetermination of Net profit rate - Applicability of N.P. rate @ 4% on the total receipts as against 8% applied by the AO, ld. first appellate authority has reduced the N.P. rate of 4% to the gross receipts computed by the A.O. instead of 8% applied by the A.O. on the basis of previous assessment year and especially the increase in the rates of the material used by the assessee in its construction business to meet ends of justice - Impugned order by dismissing the appeal filed by the Revenue and C.O. filed by the assessee is upheld - appeal of revenue is dismissed.
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