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1992 (7) TMI 126 - AT - Income TaxExtract: .......reak-up of cycles and cycle parts. In view of the above and in view of the fact that the G.P. rate of 17.5 was taken in the past year, the average rate of 15 applied by the Assessing Officer was justified. We direct that the order of the Assessing Officer will be restored in this regard. 8. In the result, the Departmental appeal is allowed in part.
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