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Income Tax - Highlights / Catch Notes

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Estimation of income - when the variation in the GP is ...

Income Tax

Estimation of income - when the variation in the GP is insignificant and there is an increase in the turnover of the assessee of more than three times then there is no justification of making addition by applying the GP rate of earlier year.

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  5. Rejection of books of accounts - G.P. estimation - ITAT restricted the net profit rate at 5.5% of contract receipts on the ground of consistency - order of ITAT sustained - HC

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