https://www.taxtmi.com/caselaws?id=298305 The Tribunal upheld the CIT(A)'s decision to estimate the profit element at 5% on disallowed purchases, citing precedents that only the profit margin from purchases from questionable parties should be taxed. Additionally, the Tribunal confirmed the allowance of additional depreciation for the cutting and polishing of diamonds, as it constituted manufacturing under section 32(1)(iia) of the Act. The Tribunal dismissed both the Revenue's appeal and the assessee's Cross Objection, affirming the CIT(A)'s rulings on both issues. en-us Fri, 28 Sep 2018 00:00:00 +0530 Tue, 26 Oct 2021 08:57:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298305 The Tribunal upheld the CIT(A)'s decision to estimate the profit element at 5% on disallowed purchases, citing precedents that only the profit margin from purchases from questionable parties should be taxed. Additionally, the Tribunal confirmed the allowance of additional depreciation for the cutting and polishing of diamonds, as it constituted manufacturing under section 32(1)(iia) of the Act. The Tribunal dismissed both the Revenue's appeal and the assessee's Cross Objection, affirming the CIT(A)'s rulings on both issues. Case-Laws Income Tax Fri, 28 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298305