ITAT dismissed the assessee's challenge to the transfer of...

ITAT dismissed the assessee's challenge to the transfer of jurisdiction u/s 127, holding that participation in assessment without timely objection u/s 124(3) precluded such plea. ITAT upheld the estimation of gross profit at 35% for AYs 2005-06 and 2006-07 as reasonable, based on the assessee's own past results and telescoping already granted. For AY 2007-08, ITAT rejected further GP addition, holding no basis for enhancement post-search. Additions towards alleged unaccounted initial investment in stock, unexplained investment in immovable property, unaccounted stock (gold and major part of silver), unexplained cash/advances u/ss 69A/69C, loose papers (including "Roop Sangam"), and gold transactions with a third party were all deleted for lack of corroborative evidence and to avoid double taxation. Overall, Revenue's multiple additions were largely disallowed, save for sustained GP estimation for specified years.

---