1982 (5) TMI 109

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....d as it appears in the immediately preceding year he disclosed a net profit rate of 15% on total receipts of Rs. 2,67, 634. Since the position of his accounts was the same as in the earlier year the ITO applied a net profit rate of 15% and estimated the income at Rs. 40,155. The same has been confirmed by the AAC. The assessee has come up in second before us. 2. We have heard the representative....