assessee in the
earlier years and whether the turnover has increased or decreased?
and what are the profits shown by persons in the same line
rejecting the books of
accounts and estimating the profits at 15% of turnover are as under:
2
ITA No. 1221/H/16
RK Township Promoters ... immediate previous year even though there
was decrease in sales during the year. The assessee did not
produce any supporting evidence, did not file details
from the loss reported for the last
quarter.
2.1 The assessee had turnover of Rs. 171 crores. The AO analysed
the trading results ... scope for sudden fluctuation in prices of steel
items. The increase or decrease in market prices will be gradual. No
other steel trader had booked
stated
that assessee-company is in the process of winding up and turnover was reduced from ... verified the facts and noticed that there was substantial decrease in
production apart from the fact that the company was in serious financial troubles