1997 (1) TMI 22

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.... standing counsel, for the respondents on admission. By this petition, the petitioner challenges the vires of section 44AD of the Income-tax Act and Circular No. 737 dated February 23, 1996, issued by the Central Board of Direct Taxes and seeks certain consequential reliefs. Learned counsel for the petitioner submits that section 44AD, which raises a presumption of gross profits at the rate ....