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The percentage of profit vis-a-vis turnover estimated by the AO works out to approximately 43 which in our humble opinion is absurd in the line of this business not only because of the fact that the AO himself estimated arbitrary profit rate of 20.22 but also having regard to the past record of the assessee where the assessee has declared the profit range between 15 to 18 which was accepted by the AO - Tri

Income Tax - The percentage of profit vis-a-vis turnover estimated by the AO works out to approximately 43%, which in our humble opinion, is absurd in the line of this business, not only because of th .....

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