https://www.taxtmi.com/caselaws?id=297892 The appellate tribunal upheld the Commissioner of Income Tax's decision to restrict the disallowance of bogus purchases to 3% in a case involving a partnership firm trading in diamonds for assessment years 2007-08 and 2012-13. The tribunal considered industry standards and previous judgments, affirming the 3% profit margin typically seen in diamond trading. Previous cases and industry reports supported this decision, leading the tribunal to dismiss the Revenue's appeals and emphasize the significance of industry norms in determining profit margins. en-us Tue, 22 Jan 2019 00:00:00 +0530 Wed, 29 Sep 2021 11:02:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297892 The appellate tribunal upheld the Commissioner of Income Tax's decision to restrict the disallowance of bogus purchases to 3% in a case involving a partnership firm trading in diamonds for assessment years 2007-08 and 2012-13. The tribunal considered industry standards and previous judgments, affirming the 3% profit margin typically seen in diamond trading. Previous cases and industry reports supported this decision, leading the tribunal to dismiss the Revenue's appeals and emphasize the significance of industry norms in determining profit margins. Case-Laws Income Tax Tue, 22 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297892