Estimation of income on sub-contract receipts - Revenue fails to dispute clinching fact that the...

Estimation of income on sub-contract receipts - Revenue fails to dispute clinching fact that the assessee’s books have indicated the impugned receipts from scrap sales than any ‘other’ source inviting application of Section 57 of the Act. We conclude in this factual backdrop that the assessee’s scrap sales income deserves to be treated under the regular business head followed by assessment thereof @8%. - AT .....

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