2017 (7) TMI 1103

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....to assessment year 2008-09 is directed against an order passed by CIT(A)-29, Mumbai dated 26/12/2016, which in turn, arises out of order passed by the Assessing Officer under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short 'the Act') dated 30/12/2015. 2. In this appeal, although assessee has raised multiple Grounds of appeal, but the solitary dispute is with regard to the level ....

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....f the nongenuine purchases of Rs. 2,97,78,860/-. Though the assessee assailed the action of the Assessing Officer in totality, so however, the CIT(A) merely scaled down the addition to 3% of the non-genuine purchases. 4. Before the Tribunal, the only plea raised by the assessee is that the estimation of addition at 3% is excessive, inasmuch as, the Task Force Group for diamond industry constitu....

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....dered the rival submissions. The short point for my consideration is the profit to be estimated with respect to the unsubstantiated purchases. The plea of the Ld. Departmental Representative that in such cases the estimate of profits is done generally higher than 3%, is not relevant because in other cases, which have already been noted by the CIT(A), the products are quite different. The case befo....