2021 (4) TMI 799

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....harat 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/11191/2016-17 respectively dated 28/09/2018 (ld. CIT(A) ....

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....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 whose name appear to be tainted dealers in the website....

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....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 for each of the aforesaid assessment years which was upheld by the ld. CIT(A). We find that since the revenue has not disputed the correspondin....

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.... 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                   Sales 83,51.64,330 1,83,04,14,260 2.22.23,50,350 3,39,95,77,410 4,40,95,89,225 3,36,39,14,804 3,52,70,15,928 3,06,38,42,432 Gro....