While rejecting the estimation of profit at 12.5% deduced by AO on account of undisclosed sales, the Rajkot ITAT held that there has to be a reasonable basis for applying a particular net profit rate in each case.The Bench of Annapurna Gupta (Accountant Member) & Madhumita Roy (Judicial Member) observed that “It is basic common sense that net profit to be applied is to be at...