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2008 (8) TMI 164 - HC - Income TaxAO on noticing the deficiencies in books of account, determined the sales of assessee by applying the gross profit rate of 25% as against 7% shown by the Assessee – whether action of AO is justified – held that, once the authorities had come to the conclusion that books of account were not properly maintained and suffered from deficiencies, the Assessing Officer was justified in computing income on reasonable basis in appropriate manner
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