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2004 (7) TMI 271 - AT - Income TaxExtract: .......reby the provisions of ss. 28 to 43C including s. 40A(3) will not be applicable. Since both the parties have agreed to make the assessment under s. 44AF(1), the AO is directed to apply 5 per cent of net profit on total turnover and thereby delete the addition made under s. 40A(3). The AO is directed accordingly, assessee s appeal is partly allowed.
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