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2016 (8) TMI 205 - AT - Income TaxComputation of net income - return of income filed by the assessee was accompanied by the report of an accountant u/s.44AB - Held that:- Following the decision CIT v. Balchand Ajit Kumar (2003 (4) TMI 76 - MADHYA PRADESH High Court ) and CIT v. Hariram Bhambhani (2015 (2) TMI 907 - BOMBAY HIGH COURT ), it is of the view that the lower authorities ought to have determined the net income of the assessee on the basis of net profit earned by the assessee and ought to have adopted the net profit @ 5.80%.
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