https://www.taxtmi.com/caselaws?id=375832 The Tribunal affirmed the decision of the Commissioner of Income Tax (Appeal) to compute the profit element at 8% on alleged bogus diamond purchases, dismissing the assessee's appeal. Relying on the statement of Shri Bhavarlal Jain was deemed insufficient, emphasizing the lack of opportunity for cross-examination. The Tribunal upheld the concurrent findings of the lower authorities regarding untraceable sellers and inflated purchase prices, aligning with established case law principles. The judgment highlighted the significance of fair estimation and the right to cross-examine witnesses in such matters. en-us Mon, 08 Oct 2018 00:00:00 +0530 Tue, 26 Feb 2019 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375832 The Tribunal affirmed the decision of the Commissioner of Income Tax (Appeal) to compute the profit element at 8% on alleged bogus diamond purchases, dismissing the assessee's appeal. Relying on the statement of Shri Bhavarlal Jain was deemed insufficient, emphasizing the lack of opportunity for cross-examination. The Tribunal upheld the concurrent findings of the lower authorities regarding untraceable sellers and inflated purchase prices, aligning with established case law principles. The judgment highlighted the significance of fair estimation and the right to cross-examine witnesses in such matters. Case-Laws Income Tax Mon, 08 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375832