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2020 (2) TMI 837 - HC - Income TaxDeemed profit in Section 44AD - profit earned by the appellant is more than the percentage of profit - appellant, submits Subsection 5 thereof was not applicable to the assessment of the assessee’s income for the subject assessment year - Whether assessee was not required to maintain audited books of account in respect of the transaction -, the appellant is aggrieved for non-admission of additional evidence under Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963 HELD THAT:- Same should be borne in mind by the learned tribunal in deciding the matter afresh as we propose to direct. Part of the impugned order dated 24th August, 2018 which relates to the questions formulated in paragraph 7 of the petition is set aside with a direction upon the tribunal to reconsider the matter afresh, deciding the applicability of Section 44AD particularly sub-Section 5 thereof, by admitting additional evidence as prayed for under Rule 29 of the said Rules, 1963 and also dealing with the questions of law and facts raised in paragraph 7 of the petition by a reasoned order within six months of communication of this order.
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