https://www.taxtmi.com/caselaws?id=767022 ITAT Surat held that when an assessee is considered beneficiary of accommodation entries, addition should be limited to profit element embedded in availing such entry, not on substantial part of transaction. AO's addition at 10% of total sales and purchases was unjustified as it relied solely on Verification Unit report without proper investigation. Tribunal restricted addition to 6% of purchase amount (Rs. 3,11,75,748) and 0.50% of sales amount (Rs. 6,20,94,701), following established precedents for diamond business transactions involving entry providers. en-us Wed, 05 Mar 2025 00:00:00 +0530 Sat, 08 Mar 2025 08:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767022 ITAT Surat held that when an assessee is considered beneficiary of accommodation entries, addition should be limited to profit element embedded in availing such entry, not on substantial part of transaction. AO's addition at 10% of total sales and purchases was unjustified as it relied solely on Verification Unit report without proper investigation. Tribunal restricted addition to 6% of purchase amount (Rs. 3,11,75,748) and 0.50% of sales amount (Rs. 6,20,94,701), following established precedents for diamond business transactions involving entry providers. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767022