2020 (1) TMI 10

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....hri Drop Singh Meena ORDER PER RAJESH KUMAR, AM This appeals filed by the assessee are directed against the orders of the CIT(A)-10, Mumbai dated 27.03.2018 and it relates to assessment years 2008-09, 2012-13 and 2013-14. 2. The common issue raised by the assessee in all these appeals is against the confirmation of addition to the tune of 8% of the alleged bogus purchases by the learne....

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....ncerns relating to Bhanwarlal Jain Group and prove the genuineness there of. The assessee, during the course assessment proceedings filed various details such as copy of payment details, quantity of diamonds, rate of carat, valuation reports with evidences of delivery notes of goods, original bills raised by the parties, quantitative tally of purchases and sales and details of persons with whom tr....

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....arned A.R. submitted before the Bench that since the assessee is in the trade of manufacturing and dealing in cut and polished diamonds the margin of profit in assessee's trade is very meagre and even the Government of India has recognised the fact by bringing out circular to this effect that the profits range between 2 to 6 percent. The learned A.R. submitted that the addition as made by the AO a....

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....hantivijay Jewels Ltd. vs. DCIT, ITA No. 1045/Mum/2016 (Mum) v. DCIT vs. Ronak Gems Pvt. Ltd., ITA No. 3118/Mum/2017 (Mum) vi. Indo Unique Trading Pvt. Ltd. vs. DCIT, ITA No. 6341/Mum/2016 (Mum) vii. Maruti Impex vs. JCIT, ITA No. 3823/Mum/2014 (Mum) viii. ACIT vs. Tristar Jewellery, ITA No. 7593/Mum/2011 (Mum) 6. The learned D.R., on the other hand, heavily ....