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2018 (3) TMI 1667 - AT - Income TaxN.P. determination - section 44AD applicability - Held that:- The average net profit rate comes to 2.65%. The assessee is a private limited company and so, the provisions of section 44AD of the IT Act are not applicable. In accordance with, amongst others, ‘CIT and others vs. M/s PNC Construction Company Ltd.’(2014 (8) TMI 491 - ALLAHABAD HIGH COURT), i.e., the Jurisdictional High Court, the past history needs to be followed in such cases. As such, the net profit rate of 2.65% is directed to be applied and the addition is directed to be reduced accordingly.
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