Nek Ram Sharma & Co. [2017] 85 taxmann.com 176 (Jammu & Kashmir) 19-08-2017
The appellant firm is a partnership firm which was constituted for the purpose of execution of purchase contract of bulk timber worth over Rs. Three crores from Jammu and Kashmir State Forest Corporation .The appellant had made the sales below the cost price to unidentifiable parties.
CIT A adopted the GP ratio of subsequent years to make the addition in second innings of the proceedings, because record of earlier years was not available.