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Court Rules Lower GP Rate Acceptable if Aligned with Industry Standards; Books Rejection Doesn't Mandate Income Addition.

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....Estimation of income - declaring less GP rate for the year under consideration in comparison to the preceding years - The rejection of books of account would not be ifso facto result an addition if the assessee has declalred the profit in line with the prevailing profit in the trade /industry or in line with the past history of the assessee - AT....

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Court Rules Lower GP Rate Acceptable if Aligned with Industry Standards; Books Rejection Doesn't Mandate Income Addition.