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2008 (4) TMI 274 - HC - Income TaxWhether Tribunal was correct in applying Section 44AD (1) even though the gross receipts from the construction business of the Assessee were more than Rs. 40 lakhs – held that section 44AD (1) does not deal with undisclosed receipts but deals with gross receipts – admittedly, gross receipts were above 40 lacs – tribunal could not have assumed the estimated profit at 8% - tribunal directing AO to restrict addition by estimating net profits at 8 % of unaccounted receipts is not proper
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