Held that the assessee was only a trader in iron and steel. The assessee had disclosed gross profit of 2.42 per cent. in its books which had been accepted by the Department. The sales made out from seven parties had not been doubted by the Department. For the purpose of determining the profit element embedded in the value of such purchases, taking into consideration the industry in which the assessee dealt, it would be appropriate to estimate the profit at 5 per cent. of the value of such purchases as income of the assessee.(AY.  2011-12)