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TMI Blog2024 (8) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... ue : Smt. Mahita Nair, Sr. D/R ORDER PER NARENDRA KUMAR BILLAIYA, AM : I.T.A. No. 3287, 3288 & 3289/Mum/2024, are three separate appeals preferred against the orders of the NFAC, Delhi, [in short 'ld. CIT(A)'] even dated 16/05/2024, pertaining to Assessment Years 2009- 10, 2010-11 & 2011-12. 2. Since the issues are common in the captioned appeals and the underlying facts resulting into the lev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y established that, the assessee has concealed his income and made purchases from the grey market. Merely because the profit has been estimated and the assessee chose not to litigate further, would not amount to concealment of income or filing of inaccurate particulars. 5.1. The Hon'ble Supreme Court in the case of CIT vs. Aarkey Saree Museum reported in [1991] 187 ITR 147 (Bombay), had the occas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade only on the basis of estimate. Moreover, it was clear that in original assessment order, there was no finding that the assessee had concealed its income and furnished inaccurate particulars of income; but subsequently after the cancellation of the assessment, the Assessing Officer had proceeded on the basis that the assessee, while inflating electricity charges and undervaluing the closing sto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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