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TMI Blog2021 (9) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... i in appeal No.CIT(A)-30/19(1)(2)/13153/2015-16 dated 26/09/2016 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 30/03/2015 by the ld. ITO, 19(1)(2), Mumbai (hereinafter referred to as ld. AO). 2. At the outset, there is a delay in filing of appeal by the assessee by 33 days. Considering the reasons stated in the affidavit for the condonation of delay, we are inclined to condone the delay of 33 days and admit the appeal for adjudication. 3. The ground Nos. 1 2 raised by the assessee were stated to be not pressed by the ld. AR at the time of hearing. The same is reckoned as a statement made from Bar and accordingly, the ground Nos. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various parties and providing the bogus front of concerns which do not want to import diamonds in their own hands / books of accounts. It is not in dispute that assessee made purchases from the following parties:- Name of the Party Amount(Rs.) Primer Srar 39,71,367/- Ankita Exports 50,60,502/- Total 90,31,869/- 4.2. The aforesaid two concerns were stated to be belonging to Banwarlal Jain and others. Accordingly, the ld. AO sought to show-cause the assessee as to why the same should not be construed as accommodation entries and accordingly, the purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... based on the report of the task group for diamond sector published by the Government of India, Ministry of Commerce and Industry, in this regard, wherein the benign / presumptive taxation threshold was set at 2.5%, we hold that profit percentage embedded in the value of disputed purchases estimated at 3% thereon, would meet the ends of justice. Hence, in these peculiar facts and circumstances of the instant case, we deem it fit to fix the profit percentage at 3% as agreed by the ld. AR at the time of hearing. We find that ld. DR placed reliance on the Co-ordinate Bench decision of Delhi Tribunal in the case of DCIT vs Smt Phoolwati Devi reported in 122 TTJ 502 (Delhi). We find that this was the case of an addition made u/s 68 of the Act whe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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