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2017 (12) TMI 589 - AT - Income TaxEstimation of profit in IMFL business - Held that:- Both the parties admitted that under identical circumstances, the ITAT, Visakhapatnam bench consistently adopted profit rate of 5% on purchases, clear of all deductions, as a reasonable profit in IMFL business for the assessment year 2011-12 on account of several factors, such as higher license fees, limitations in selling the liquor at tag price, etc. Facts being identical in this year also, modify the order of the Ld. CIT(A) and direct the A.O. to adopt 5% of purchases as net profit clear of all expenditure.
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