Court Rules AO's 43% Profit Estimate Unreasonable, Prefers Historical Profit Rates of 15-18.

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....The percentage of profit vis-a-vis turnover estimated by the AO works out to approximately 43%, which in our humble opinion, is absurd in the line of this business, not only because of the fact that the AO himself estimated arbitrary profit rate of 20.22%, but, also having regard to the past record of the assessee where the assessee has declared the profit range between 15 to 18%, which was accepted by the AO - AT....