9911796707
TMI Blog2021 (4) TMI 799X X X X Extracts X X X X X X X X Extracts X X X X ..... de purchases in the instant case from grey market thereby having saving in VAT as well as incidental profit element thereof. Considering the totality of these facts and circumstances and also considering the report of the task force submitted to Department of Commerce, we deem it fit and appropriate to estimate the profit percentage at 1% of value of purchases in the peculiar facts and circumstances of the instant case. The ld. AO is accordingly directed to make addition only to the extent of 1% of value of tainted purchases for each of the assessment years under consideration. Accordingly, the ground raised by the assessee in this regard is partly allowed. - ITA No.135/Mum/2019, 136/Mum/2019, 137/Mum/2019 (Assessment Year :2008-09,2014-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rials available on record. We find that assessee is engaged in the business of trading in cut and polished diamonds. It is not in dispute that assessee had indeed made purchase of diamonds from certain parties for various assessment years whose name appear to be tainted dealers in the website of Government of Maharashtra, Sales Tax department. The details of purchases for various assessment years are as under:- A.Y. Value of Purchases 2008-09 ₹ 7,22,63,416/- 2011-12 ₹ 15,94,71,611/- 2014-15 ₹ 9,24,76,019/- 3.2. It is not in dispute that the corresponding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et profit that could be derived in the diamond manufacturing ranges from 1.5% to 4.5% and in trading activity thereof, the profitability range is 1% to 3%. We find that the assessee had furnished the gross profit percentage from A.Y.2007-08 to A.Y.2014-15 as under:- Comparative chart of Gross-Profit :- Particulars AY 2007-08 AY 2008-09 AY 2009-10 AY2010-11 AY2011-12 AY 2012-13 AY 2013-14 AY 2014-15 Sales ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
