Appeal allowed; assessing officer's rejection of books set aside and estimated profit fixed at 0.40% of gross sales under s.133(6)

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....ITAT allowed the appeal of the assessee and set aside the assessing officer's rejection of books and deemed income estimate of 2% of sales, holding that the assessee operated as a pass-through processor with negligible control and thin purchase-commission margins. The Tribunal found the assessee regularly declared gross profit of c.0.29% and noted the AO ought to have examined the buyer group by issuing notice under s.133(6). Having regard to comparable precedents and the assessee's scale vis-à-vis large group operations, the ITAT fixed estimated profit at 0.40% of gross sales and directed consequential relief, thereby allowing the appeal.....