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2007 (8) TMI 312 - HC - Income TaxLow gross profit rate disclosed on account of theft of raw material - assessee is unable to prove the theft - Tribunal concluded that once findings have been recorded that no theft was committed at the premises of the assessee, a presumption is liable to be raised against the assessee that it had manufactured goods out of such raw material and sold the same in open market – claim of loss due to theft is not allowable
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