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2019 (4) TMI 1230 - HC - Income TaxEstimation of Net Profit - sale on trading business - ITAT estimating net profit at 1.0% - HELD THAT:- At one stage, the Tribunal rejected the assessee's contention that the disclosure of gross profit at the rate of 1% to 1.5% in the new business, was correct reflection of the profitability. However, in the later portion, the Tribunal subjected the turnover from such business at a profit rate of 1%. This has clearly resulted into erroneous finding being arrived at by the Tribunal. Being an exercise predominantly in the nature of fact finding, we would therefore request the Tribunal to do it afresh after hearing both sides. For such purpose, we restore the Appeal before the Tribunal. We have not expressed any opinion on the merits of this issue and the Tribunal shall give its finding independently of any of the observations which have been made in this order.
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