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2023 (1) TMI 1170 - ITAT KOLKATAEstimation of net profit @ 5% of the turnover - non-filing of books of account - HELD THAT:- Looking to the fact of the case referring to the financial data of preceding two years appearing in the audited financial statements and the assessee being unable to bring any other details on record; and considering the factual matrix as well as past trend of profit earned by the assessee and the fact that ld. AO has not pointed out any specific defect in the details filed by the assessee, we, therefore, in order to bring to an end to this litigation estimate the net profit @ 2.5% as against the net profit rate of 5% confirmed by the ld. CIT(Appeals). Appeal of the assessee is partly allowed.
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