https://www.taxtmi.com/caselaws?id=184300 The Tribunal upheld the Commissioner's decision to reduce the addition to gross profit from 0.5% to 0.1%, citing the substantial increase in turnover and lack of evidence of non-genuine transactions. The Tribunal emphasized the importance of quality-wise stock registers in diamond trading, supporting the 0.1% addition to turnover due to foreign exchange loss and non-maintenance of stock registers. The appeal by the revenue and cross-objection by the assessee were dismissed, affirming the 0.1% addition based on non-maintenance of quality-wise stock registers in diamond trading. en-us Thu, 05 Nov 2015 00:00:00 +0530 Tue, 05 Jul 2016 11:18:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184300 The Tribunal upheld the Commissioner's decision to reduce the addition to gross profit from 0.5% to 0.1%, citing the substantial increase in turnover and lack of evidence of non-genuine transactions. The Tribunal emphasized the importance of quality-wise stock registers in diamond trading, supporting the 0.1% addition to turnover due to foreign exchange loss and non-maintenance of stock registers. The appeal by the revenue and cross-objection by the assessee were dismissed, affirming the 0.1% addition based on non-maintenance of quality-wise stock registers in diamond trading. Case-Laws Income Tax Thu, 05 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184300