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2016 (8) TMI 211 - HC - Income TaxGP estimation - no material defects in the books of accounts - Held that:- It is not in dispute that the assessee is carrying on his business with his own fleet as well as the hired fleet of trucks / tankers and for that, the profits have been correctly shown under the different heads. In view of the turnover, the assessee would surely not prefer to go for the hired fleet. Considering the ratio laid down in the decisions in the cases of Commissioner of Income-tax-XII v. Smt. Poonam Rani (2010 (5) TMI 57 - DELHI HIGH COURT ) and Commissioner of Income-tax-IV v. Symphony Comfort System Ltd. (2013 (10) TMI 258 - GUJARAT HIGH COURT ) and in the facts of the present case, we are of the view that once it is established that there is no defect in the books of accounts, it will not be appropriate for us to judge or presume the estimated profit for trucks / tankers which were operated on a hired basis. The books of accounts as furnished by the assessee are required to be accepted and therefore, the question raised in this Appeal is answered in favour of the assessee and against the Department.
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