1982 (5) TMI 109

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....receding 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 representatives of the parties at length in this app....