TaxTMI 
TaxTMI 
2020 (9) TMI 1122
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....o.2306/Mum/2019 for A.Y.2007-08 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-3, Mumbai in appeal No.CIT(A)-3/IT-10242/2017-18 dated 11/02/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 25/03/2015 by the ld. I.T.O 19 (3)(3), Mumbai (hereinafter referred to as ld. AO....
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....al of Rs. 49,98,580/-. The ld. AO had observed in the assessment order that these parties belong to Bhanwarlal Jain Group which was found during the course of search action in the case of Bhanwarlal Jain Group on 03/10/2013. The ld. AR observed that the Income Tax Department had conducted search and seizure action in the case of group concerns of Bhanwarlal Jain and it was proved that these partie....
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....ed by the ld. CIT(A). 3.2. We find that assessee had disclosed total gross profit of 3.6%. Since, assessee is engaged in the business of export of cut and polished diamonds, there is no question of any VAT portion incurred by the assessee on the purchases. We also find that the gross profit disclosed by the assessee on the disputed purchases was 2.42%. These facts were not controverted by the rev....