Credit sales not reflected in books of account—Total unrecorded sales cannot be regarded as the profit of the assessee—Net profit rate has to be adopted—Once a net profit rate is adopted, it cannot be said that there is perversity of approach—Whether the rate is low or high would depend upon the facts of each case Held

 BALCHAND AJIT KUMAR (2003) 71 CCH 0380 MPHC. 

President Industries Gujrat High Court Concurred with