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2017 (4) TMI 1401 - AT - Income TaxEstimating the profit at 5% of the stock put to sale - assessee, an individual and liquor dealer - assessee submitted that this Tribunal in similar cases has been restricting the profit at 3% of the goods put to sale - Held that:- Having regard to the rival contentions and the material on record, we find that in similar cases, this Tribunal has restricted the profit at 3% of the goods put to sale - Assessee’s appeal is treated as allowed by directing the AO to estimate the income at 3% of the cost of the goods put to sale.
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