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2016 (1) TMI 1413 - AT - Income TaxNet profit estimation - CIT-A estimating the net profit @ 2.5% of contract receipts of the assessee as against 8% adopted by the Learned AO - accounts of the assessee were duly subjected to tax audit u/s 44AB -HELD THAT:- Depreciation and interest is allowable as deduction from the estimated net profit of 8% by the Learned AO and the resultant profit figure was 2.1% of contract receipts and further hold that the Learned CIT(A) had rightly estimated the net profit @ 2.5% of contract receipts to meet the ends of justice. Hence we don’t find any infirmity in the order of the CIT(A). Accordingly, the grounds raised by the revenue are dismissed.
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