https://www.taxtmi.com/caselaws?id=304293 The appeals were allowed, and the matters were restored to the Assessing Officer for reevaluation based on the specified guidelines. The Tribunal directed the AO to restrict the addition on alleged bogus purchases to the difference in gross profit between normal and bogus purchases, following the decisions of the Jurisdictional High Court and the ITAT. The cases involving trading and manufacturing of diamonds highlighted the importance of limiting additions on bogus purchases when genuine sales are accepted, emphasizing adherence to specific principles in determining such additions. en-us Wed, 26 Feb 2020 00:00:00 +0530 Sun, 18 Sep 2022 14:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304293 The appeals were allowed, and the matters were restored to the Assessing Officer for reevaluation based on the specified guidelines. The Tribunal directed the AO to restrict the addition on alleged bogus purchases to the difference in gross profit between normal and bogus purchases, following the decisions of the Jurisdictional High Court and the ITAT. The cases involving trading and manufacturing of diamonds highlighted the importance of limiting additions on bogus purchases when genuine sales are accepted, emphasizing adherence to specific principles in determining such additions. Case-Laws Income Tax Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304293