Revenue Accepted Reduced Turnover; Profitability Impacted by Fixed Costs. Net Profit Rate of 15% Deemed Arbitrary.

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....Estimation of net profit rate - Rejection of books of accounts - Results which are on declining scale are declared on reduced turnover over the past and subsequent years which have been accepted by the Revenue and thus lend credence to the assessee's submission that its profitability has been effected due to reduced turnover without commensurate reduction in fixed costs. - estimating the net profit rate at the rate of 15% is again arbitrary - AT....