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2014 (4) TMI 73 - AT - Income TaxEstimated Income - Whether, CIT(A) erred in estimating income of assessee by calculating profit at 7% of net receipts as against 8% of gross receipts – Held that:- Special Bench decision of Tribunal in case of Arihant Builders V/s. ACIT [2006 (11) TMI 253 - ITAT INDORE] covers issue - It has been held therein that in case of sub-contractor, rate of 5% for estimating income from construction contract would be reasonable - Considering totality of facts and circumstances of case, particularly fact that assessment in this case was framed ex-parte under S.144 of Act, set aside impugned order of CIT(A) - Restore matter to file of Assessing Officer for framing assessment afresh - Assessing Officer shall give reasonable opportunity of hearing to the assessee and pass fresh assessment order in accordance with law – Decided in favour of assessee and against Revenue.
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