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2017 (4) TMI 570 - AT - Income TaxDetermining the profit of the assessee @ 8% of the gross receipts - Held that:- We find that the nature of the work of the assessee has not been doubted and in the similar facts and circumstances various Hon’ble courts have held that a reasonable percentage of profit can be worked out. Thus we are inclined to direct the lower authorities to work out the taxable net profit from the business @ 6.0% approx of the gross receipts. Therefore we are inclined to reverse the order of authorities below. Hence the grounds of appeal raised by the assessee are partly allowed.
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