2015 (11) TMI 1821

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..... ssee is engaged in the business of purchase and sale of iron and steel. For the year in question the assessee declared gross profit rate at 4.27% as against the gross profit rate of the preceding year at 4.04% and consequently, net profit of .21% as against .35% in the preceding year was declared. Consequently, a slight decline in the net profit rate was shown. The assessing officer made an asses .....

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..... find from the first appellate order that a remand report was called and on the basis of the remand report of the assessing officer, it was found that purchases were made from M/s Riddhi Siddhi Enterprises in spite of the fact that Registration of the said firm had been cancelled. The appellate authority found that there was no evidence to indicate that M/s Riddhi Siddhi Enterprises had provided ac .....

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