https://www.taxtmi.com/caselaws?id=275142 The appellate tribunal affirmed the reduction of the profit rate from 6% to 3% on disputed purchases in the diamond trade sector for the assessment year 2009-10. The tribunal found the 3% addition fair and aligned with industry standards, rejecting the assessing officer's initial 6% estimation. The decision emphasized taxing the profit element in transactions involving grey market purchases without proper bills, supporting the reduction based on industry practices and precedents. The appeal by the partnership firm was dismissed, upholding the partial confirmation of the addition related to bogus purchases. en-us Thu, 02 Nov 2017 00:00:00 +0530 Thu, 20 Sep 2018 06:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275142 The appellate tribunal affirmed the reduction of the profit rate from 6% to 3% on disputed purchases in the diamond trade sector for the assessment year 2009-10. The tribunal found the 3% addition fair and aligned with industry standards, rejecting the assessing officer's initial 6% estimation. The decision emphasized taxing the profit element in transactions involving grey market purchases without proper bills, supporting the reduction based on industry practices and precedents. The appeal by the partnership firm was dismissed, upholding the partial confirmation of the addition related to bogus purchases. Case-Laws Income Tax Thu, 02 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275142