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2016 (3) TMI 447 - AT - Income TaxN.P. determination - Held that:- AO adopted net profit rate of 6%. No reason has been given by the AO to adopt this figure. And AO while working out the closing stock had ignored all other expenses debited by the assessee in P&L account and only included the construction expenses. The AO erred in adopting net profit rate at 6% without valid reasons and exclusion of other expenses as pointed out to value the closing stock, makes the order of the AO erroneous and not sustainable. We concur with the finding and reason given by the ld. CIT (A) to delete the said addition of ₹ 39,20,490/-, so we uphold the order of the CIT (A) and dismiss these grounds of revenue’s appeal.
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