https://www.taxtmi.com/caselaws?id=330699 The Tribunal dismissed the appeal against the CIT(A) order for the assessment year 1998-99, upholding the addition under section 68 due to discrepancies in the declaration and sale of diamonds. Despite the appellant's reliance on earlier appellate orders and contestation of interest under section 234B, the Tribunal found insufficient evidence to prove the diamonds sold matched those declared under the VDIS Scheme 1997, as directed by the High Court. The decision emphasized the importance of factors like size, color, and cut in determining diamond prices, leading to the dismissal of the appeal. en-us Fri, 15 Jul 2016 00:00:00 +0530 Sat, 30 Jul 2016 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330699 The Tribunal dismissed the appeal against the CIT(A) order for the assessment year 1998-99, upholding the addition under section 68 due to discrepancies in the declaration and sale of diamonds. Despite the appellant's reliance on earlier appellate orders and contestation of interest under section 234B, the Tribunal found insufficient evidence to prove the diamonds sold matched those declared under the VDIS Scheme 1997, as directed by the High Court. The decision emphasized the importance of factors like size, color, and cut in determining diamond prices, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330699