'Benign Assessment Procedure' for assessees engaged in diamond manufacturing and/or trading.

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..... Procedure', in the case of assessees engaged in diamond business as announced by Hon'ble Finance Minister in his Budget Speech on 28.2.2007 shall be as under:- A. The procedure will apply to assessees engaged in the business of manufacturing and/or trading of diamonds (referred to below as such business). B. If an assessee has shown a sum equal to or higher than 6% of his total turnover fr .....

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..... as deduction under Chapter-III or under Chapter VI-A of the Income-tax Act. (iii) where there is information regarding escapement of income. E. The rate of profit as a percentage of turnover would be reviewed annually on the basis of revenue generation and results of scrutiny assessments, searches and surveys made during the year. 2. The above instruction is issued under section 119(1) .....

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