https://www.taxtmi.com/caselaws?id=426708 The ITAT partially allowed the assessee's appeal concerning the restriction on disallowance of purchases from tainted parties. The ITAT determined that a profit percentage of 3% on disputed purchases was more reasonable than the Commissioner's 12.5% estimation for a diamond trading firm. By aligning the profit estimation with industry standards ranging from 1% to 3%, the ITAT aimed to ensure a fair assessment, emphasizing the importance of realistic profit calculations in such cases. en-us Thu, 28 Jul 2022 00:00:00 +0530 Wed, 24 Aug 2022 08:47:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426708 The ITAT partially allowed the assessee's appeal concerning the restriction on disallowance of purchases from tainted parties. The ITAT determined that a profit percentage of 3% on disputed purchases was more reasonable than the Commissioner's 12.5% estimation for a diamond trading firm. By aligning the profit estimation with industry standards ranging from 1% to 3%, the ITAT aimed to ensure a fair assessment, emphasizing the importance of realistic profit calculations in such cases. Case-Laws Income Tax Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426708