2021 (4) TMI 799

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....akash Jhunjhunwala Revenue by: Shri Bharat Andhle ORDER PER M. BALAGANESH (A.M): These appeals in ITA Nos.135/Mum/2019, 136/Mum/2019 & 137/Mum/2019 for A.Y.2008-09, 2014-15 & 2011-12 respectively arise out of the order by the ld. Commissioner of Income Tax (Appeals)-10, Mumbai in appeal No.CIT(A)-10/ITO-5(2)(3)/87/2006-07, CIT(A)-10/ITO-5(2)(3)/88/2016-17 & CIT(A)-10, Mumbai/11191/2016....

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....ddition made @8% on value of ingenuine purchases in the facts and circumstances of the instant case. 3.1. We have heard rival submissions and perused the materials available on record. We find that assessee is engaged in the business of trading in cut and polished diamonds. It is not in dispute that assessee had indeed made purchase of diamonds from certain parties for various assessment years ....

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.... c) Purchase bills; d) Corresponding sale bills; e) Bank statement; f) I.T. ack receipt of the supplier; g) Balance sheet of the supplier h) Stock Reconciliation; i) Stock Register; j) Statement of GP ratio. 3.3. Ignoring the aforesaid documents, the ld. AO proceeded to make estimated profit addition @8% on value of purchases f....

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....and in trading activity thereof, the profitability range is 1% to 3%. We find that the assessee had furnished the gross profit percentage from A.Y.2007-08 to A.Y.2014-15 as under:- Comparative chart of Gross-Profit :- Particulars AY 2007-08 AY 2008-09 AY 2009-10 AY2010-11 AY2011-12 AY 2012-13 AY 2013-14 AY 2014-15           &....