2018 (11) TMI 1840

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.....07.2018 of Central Board of Direct Taxes (CBDT). In view of the aforesaid submissions of the learned counsels appearing for the parties, the appeal is dismissed as withdrawn. However, the department is given liberty to seek restoration of appeal, in case, it is found to be covered under any of the exceptions provided under the above referred circular. In the result, the department's appeal is dismissed. 3. ITA No.6159/Mum/2016 In this appeal the assessee has raised four grounds. Ground no.1 is against the validity of re-opening of assessment u/s. 147 of the Act. At the outset, the learned AR appearing for the assessee expressed his intention not to press this ground. In view of the aforesaid submissions of the learned AR, this ground is....

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....rse of statement recorded u/s. 131 of the Act admitted that the concerns controlled by him were only providing accommodation entries without actual delivery of goods.Thus, ultimately, the Assessing Officer concluded that though the assessee has failed to prove the purchases of diamond from the concerned parties, however, he agreed that the assessee could prove corresponding sales. Thus, the Assessing Officer concluded that the assessee must have purchased goods from third parties/grey market. On the basis of the aforesaid conclusion, the Assessing Officer estimated the profit @12.5% of the alleged bogus purchases, which worked out to Rs. 75,36,642/-, and added it to the income of the assessee. Aggrieved of the said addition, the assessee pr....