Income from Undisclosed Receipts Assessed at 8% Net Due to Unrecorded Expenses Noted in Case on Income Accrual.

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....Accrual of income - determination of income out of the receipt not disclosed in the books of account - when the receipts were out of the books of accounts, the payment on account of expenses may also be out of the books of accounts - net income will be 8% - AT....