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Assessing Officer to Estimate Income at 20% of Gross Receipts Due to Improper Cash Expenditure Records by Assessee.

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....Net income determination - assessee has not maintained proper vouchers but spent it in cash - instead of disallowing 50% of cash expenditure, AO should have estimated the income - AO directed to determine the net income of the assessee at 20% of the gross receipts - AT....

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Assessing Officer to Estimate Income at 20% of Gross Receipts Due to Improper Cash Expenditure Records by Assessee.