https://www.taxtmi.com/caselaws?id=466494 Estimation of income for alleged bogus purchases in diamond trade relied on sectoral profitability benchmarks. The task group report for the diamond sector identified manufacturing net-profit between 1.5%-4.5% and trading profit between 1%-3%; the tribunal applied a 2% profit rate as the embedded profit in disputed purchases to quantify taxable income. The tribunal considered this sector-based benchmark appropriate and partly allowed the assessee's grounds by adopting the 2% estimate for both years. en-us Tue, 12 Jul 2022 00:00:00 +0530 Tue, 10 Feb 2026 19:01:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466494 Estimation of income for alleged bogus purchases in diamond trade relied on sectoral profitability benchmarks. The task group report for the diamond sector identified manufacturing net-profit between 1.5%-4.5% and trading profit between 1%-3%; the tribunal applied a 2% profit rate as the embedded profit in disputed purchases to quantify taxable income. The tribunal considered this sector-based benchmark appropriate and partly allowed the assessee's grounds by adopting the 2% estimate for both years. Case-Laws Income Tax Tue, 12 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466494