Assessee was a real estate developer and its books of account was audited by a Chartered Accountant. During year under consideration, assessee did not incur any cost and only opening stock was sold. Assessee, thus, claimed average profit at rate of 62.03 per cent.  Though opening stock was not proved to be wrong, or sales invoices were doubted, Assessing Officer estimated average profit at 16.02 per cent and Commissioner (Appeals) estimated assessee’s average profit at 38.40 per cent. On appeal the Tribunal held that since Assessing Officer worked out unreasonable profit without pointing out any defect in opening stock, which was sold during relevant assessment year, estimation of average profit by Assessing Officer without noting any defect in opening stock, was not justifiable, therefore   estimation of average profit was not in accordance with law, addition made by lower authorities was to be deleted. Revenue could not use concept of reasonable profit which is subject matter of section 80IA, for purpose of section 80-IB, as object of sections 80IA and 80IB are different.  (AY. 2009-10)