9911796707
TMI Blog2023 (6) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... lt, other grounds raised by the assessee are partly allowed. - ITA no.1815/Mum./2022 - - - Dated:- 20-1-2023 - SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER For the Assessee : Shri N.K. Mohnot For the Revenue : Shri S. Anbuselvam ORDER PER SANDEEP SINGH KARHAIL, J.M. The captioned appeal has been filed by the assessee challenging the impugned order dated 27/05/2022, passed under section 250 of the Income Tax Act, 1961 ( the Act ) by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [ learned CIT(A) ], for the assessment year 2011 12. 2. In this appeal, the assessee has raised the following grounds: 1. The appellate o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entative ( the learned AR ) wishes not to press grounds no.1-4 challenging the initiation of proceedings u/s 147 of the Act. Accordingly, grounds no. 1-4 as dismissed as not pressed. 4. Thus, the only surviving grievance, argued by the learned AR, in the remaining grounds of appeal is pertaining to disallowance made on account of non-genuine purchases. 5. We have considered the rival submissions and perused the material available on record. In the present case, we find that the assessee is an individual and is, inter-ala, engaged in the business of trading in diamonds. For the year under consideration, the assessee filed his return of income on 27/09/2011 declaring a total income of Rs.30,62,800/-. The return filed by the assessee was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. CIT(A) at 3% is just and fair. It is pertinent to note that against the order of the ld. CIT(A), the Revenue had not preferred any appeal before us. As per the report of the Task Force for Diamond Sector constituted by the Ministry of Commerce and Industry after considering the BAP (Benign Assessment Procedure) scheme, the Task Force recommended that the net profit prevailing in the Diamond Industry engaged in the business of trading would be in the range of 1% - 3% and those engaged in the business of manufacturing would be in the range of 1.5% - 4.5%. We find that the Tribunal has been consistently taking the stand by estimating the profit element on the basis of reliance placed on the aforesaid report of the Task Force. In the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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