https://www.taxtmi.com/caselaws?id=430196 The Tribunal upheld the Commissioner's decision to estimate the profit element at 3% for non-genuine purchases by the Assessee, engaged in trading and manufacturing of diamonds, based on industry standards and previous rulings. The Tribunal found the estimation just and fair, in line with recommendations for the diamond sector, and declined to interfere with it. Consequently, the Assessee's appeals for the relevant assessment years were dismissed. en-us Wed, 26 Oct 2022 00:00:00 +0530 Mon, 14 Nov 2022 09:02:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430196 The Tribunal upheld the Commissioner's decision to estimate the profit element at 3% for non-genuine purchases by the Assessee, engaged in trading and manufacturing of diamonds, based on industry standards and previous rulings. The Tribunal found the estimation just and fair, in line with recommendations for the diamond sector, and declined to interfere with it. Consequently, the Assessee's appeals for the relevant assessment years were dismissed. Case-Laws Income Tax Wed, 26 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430196