https://www.taxtmi.com/caselaws?id=190031 Addition based on an estimated 4.9% gross profit uplift was deleted because the Tribunal found no pointed defects in the books, noted that a carat-wise stock register was maintained in line with diamond trade practice, and accepted that comparable cases drawn from the diamond trade did not justify rejection of the accounts. It also relied on the fact that the assessee's gross profit had increased in the relevant year and that similar books had been accepted in earlier years. The Bombay HC upheld the deletion, so the Revenue's challenge failed. en-us Wed, 30 Nov 2011 00:00:00 +0530 Thu, 31 Aug 2017 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190031 Addition based on an estimated 4.9% gross profit uplift was deleted because the Tribunal found no pointed defects in the books, noted that a carat-wise stock register was maintained in line with diamond trade practice, and accepted that comparable cases drawn from the diamond trade did not justify rejection of the accounts. It also relied on the fact that the assessee's gross profit had increased in the relevant year and that similar books had been accepted in earlier years. The Bombay HC upheld the deletion, so the Revenue's challenge failed. Case-Laws Income Tax Wed, 30 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190031