TMI Blog2009 (3) TMI 1024X X X X Extracts X X X X X X X X Extracts X X X X ..... aph-4 of this appeal are as under :- (a) The substantial question of law arises in the present appeal is regarding the correct interpretation of Sec.144 and Section 44AD and other provisions of the act and whether on the facts and in the circumstances of the case and in law, the Hon ble Tribunal is right in reducing the estimated profit/income of the assessee to 6% as against 30% of the gross r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se income is less than ₹ 40 lakhs, provision has been made for assessing estimated profit as 8% of gross receipts. Since the said section is not applicable to the assessee, there is a eliment of discretion available to the assessing officer which discretion has to be exercised in a logical and non arbitrary manner. We find that the ITAT has proceeded on the basis that a fixed rate of 2% of g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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