Report No. 12
149. "Relevant material".-
For the purposes of sections 147 and 148, [two preceding sections regarding assessment and best judgment] the relevant material which the Income-tax Officer is competent to take into account in respect of an assessee includes-
(a) market conditions in the previous year of the trade in which the assessee was engaged in the previous year,
(b) rates of profits disclosed by the accounts of other persons engaged in the same line of trade, and
(c) rates of profits determined in the case of the assessee in assessments for earlier or subsequent years.