https://www.taxtmi.com/caselaws?id=264173 The Tribunal upheld the CIT(A)'s decision in dismissing the Revenue's appeal on all three substantive grounds. It found that the rejection of books of accounts by the Assessing Officer was not justified as the method of maintaining records on a carat basis was consistent with industry practices. Additionally, the estimation of gross profit and the addition made due to a fall in diamond yield were deemed unwarranted as they lacked sufficient evidence and comparability. Consequently, the Tribunal ruled in favor of the assessee, dismissing the Revenue's claims. en-us Fri, 28 Aug 2015 00:00:00 +0530 Sat, 19 Sep 2015 05:59:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264173 The Tribunal upheld the CIT(A)'s decision in dismissing the Revenue's appeal on all three substantive grounds. It found that the rejection of books of accounts by the Assessing Officer was not justified as the method of maintaining records on a carat basis was consistent with industry practices. Additionally, the estimation of gross profit and the addition made due to a fall in diamond yield were deemed unwarranted as they lacked sufficient evidence and comparability. Consequently, the Tribunal ruled in favor of the assessee, dismissing the Revenue's claims. Case-Laws Income Tax Fri, 28 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264173