Court Determines Investment Value & Profits on Unaccounted Purchases Using 4.5% Gross Profit Rate Due to Inadequate Records.

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....Unaccounted purchases - since these purchases too were made outside the books of account and proper accounting or reconciliation could not be made by the assessee, the value of the investment and the estimated profits on the basis of the undisputed rate i.e. 4.5 % GP had to be adopted - HC....