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of <h1>High Court overturns decision on profit rate, orders reevaluation of evidence.</h1> <h3>KT. Saoji Versus Commissioner Of Income-Tax</h3> KT. Saoji Versus Commissioner Of Income-Tax - [1987] 165 ITR 397, 63 CTR 3, 33 TAXMANN 321 The High Court of Bombay held that the decision confirming a 12% gross profit rate was contrary to evidence. The Tribunal was directed to rehear the appeal and consider all evidence before reaching a final conclusion.
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