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2017 (5) TMI 1566 - ITAT RANCHIEstimation of profit - gross receipts from contract work - Held that:- As the department has accepted the estimation of net profit @ 8% in the preceding year on set of facts in the absence of books of account, we hold that the net profit @ 8% is reasonable for the assessment year under consideration on the gross contract receipts as against 10% of net profits determined by the CIT(A).
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