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2012 (10) TMI 893 - ITAT INDORESearch and seizure operation u/s 132(1) – Rejection of books – gross profit rate – alleged that assessee has shown low gross profit – Held that:- Assessing Officer applied gross profit rate at 30% on the turnover resulting into addition as has been mentioned in the assessment order - books of accounts of the assessee were also not found reliable and the same were rightly rejected u/s 145(3) of the Act - it appropriate to apply the gross profit rate at 10% - appeals of the assessee are allowed in part
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