Income Estimated at 5% of Turnover Due to Unrebutted Presumptions u/s 292C of Income Tax Act.

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....Undisclosed turnover - Estimation of income - The presumptions u/s. 292C are rebuttable presumptions and they do not lead to conclusive evidence. The assessee has right to rebut the presumption. In the present case, since the assessee has not rebutted the presumption, CIT(A) has given a direction to estimate the income on the turnover @ 5% as income of the assessee. - AT....