Tribunal held that there was a glaring perversity in the assessment order itself. The “market standards” adopted by the assessing authority to enhance the net profit from 1.56 per cent. on the turnover declared by the assessee to 8 per cent. had been made without any basis whatsoever. There was no evidence or reference to any material or any parallel case referred to by the assessing authority to adopt the rate of 8 per cent. of turnover. Matter remanded to the assessing authority to pass fresh assessments in accordance with law giving reasons for particular findings arrived at by the assessing authority. ( AY.2011-12)