2006 (12) TMI 83

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....is appeal has been filed against the impugned judgment of the Rajasthan High Court dated August 25, 2004 in Income Tax Appeal No.80 of 2004. 3. Heard learned counsel for the parties and perused the record. 4. The facts of the case are in a short compass.  The appellant assessee deals in precious and semi precious stones.  In the course of assessment the Assessing Officer noticed th....

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....sment years. 6. M/s. Gem Plaza, engaged in local sales of similar goods declared voluntarily rate of 35 per cent. in its assessment for the assessment year 1997098. 7. M/s. Dhadda Exports, another assessee dealing in same items, but doing export business declared GP rate of 43.8 per cent. (even without considering the value of export incentives) in assessment year 1997-98." 5. Thereafter ....

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.... 8. In further appeal, the Tribunal had given further relief to the assessee and reduced the Gross Profit rate to 30 per cent. 9. The counsel for the assessee has submitted before us that the Income-tax Authorities wrongly held that appellant has shown bogus purchases, and the books of accounts were wrongly rejected.  10. In our opinion, whether there were bogus purchases or not, is ....