Authorities Reject 7% NP Ratio u/s 145, Settle on 0.5% GP Ratio for Trading Concerns. No Further Action Needed.

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....Rejection of books u/s 145 - NP estimation - NP ratio of 7% being impractical and completely unacceptable and as most of the trading concerns have been operating at the GP ratio of 0.5% to 1%, when both the authorities have deemed it appropriate to apply 0.5% ratio, no indulgence is necessary. - HC....