Court Limits Income Estimation to 6% Net Profit Rate for Liquor Business; Higher Rate Needs Strong Justification.

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....Estimation of profit - Once the assessee was asked to show cause as to why 6% net profit should not be applied for estimation of income, the A.O. should not apply a higher rate (8%) until and unless some cogent and tangible reasons are shown for doing so. Accordingly, estimation of income from the liquor business is restricted to 6%.....