Entity's Income from Bogus Metal Purchases Estimated at 5% Profit Rate Due to Grey Market Savings.

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....Estimation of income - Bogus purchases - The assessee is engaged in reselling of ferrous and non-ferrous metals and in such circumstances we have to apply profit rate suitable to the trade. In this nature of business, i.e. reselling of ferrous and non-ferrous metals, VAT is at 5% and assessee might have made purchases from the grey market for which assessee might have saved some element of profit. Hence, we estimate the profit rate at 5% of the bogus purchases - AT....