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2024 (3) TMI 1077 - AT - Income TaxEstimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO to apply a profit rate of 14.5% - HELD THAT:-Assessee fairly admitted instead of 14% estimated by the Ld. CIT(A) if the estimation of 11% be made so as to give justice to the assessee as against the 8 % disclosed by the assessee and the same is generally also considered by the provision of section 44AD @ 8 % but considering the overall fact he prayed in the open court that if the profit is estimated @ 11 % which will end the justice. We deem it fit to estimate the profit @ 11 % in the interest of justice to the parties. Based on this observations ground no. 2 raised by the assessee is partly allowed. Addition of Unexplained creditors - HELD THAT:- Considering the facts of the case that when the books of account of the assessee are rejected and the profit is estimated a separate addition arising out of that books of account cannot be made in the hands of the assessee.
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