2022 (8) TMI 947

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.... PER M. BALAGANESH ( A. M ) : These appeals in ITA No.924/Mum/2022 & 925/Mum/2022 for A.Y.2012-13 & 2014-15 arise out of the order by the ld. Commissioner of Income Tax (Appeals)-49, Mumbai in appeal No.CIT(A)-30, Mumbai/10486/2017-18 & CIT(A)-30, Mumbai/10556/2017-18 dated 11/03/2022 (ld. CIT(A) in short) against the order of assessment passed u/s.153C r.w.s.143(3)of the Income Tax Act, 196....

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....sing of diamonds. Pursuant to the search conducted u/s.132 of the Act in the case of one Shri Nashabhai Laxmibhai Dhabhi on 02/11/2015, proceedings u/s.153C of the Act were initiated on the assessee. The validity of assumption of jurisdiction of the ld. AO u/s.153C of the Act is not in challenge before us. In the proceedings u/s.153C of the Act, the ld. AO observed that assessee had made purchases....

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....k statements of the suppliers reflecting the payments received by them from the assessee, confirmation from suppliers that they had supplied the goods to assessee together with PAN Card and ITR acknowledgement, statement showing the details of purchases with corresponding sales, copy of ledger account of Rose Impex and Little Diam as appearing in the books of assessee and copy of full set of expor....

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....8/-. Aggrieved by this order, the Revenue is in appeal before us and only the assessee has preferred appeal. 3.1. It is not in dispute that the sales made out of disputed purchases were not doubted by the Revenue in the instant case. Hence, we hold that the ld. CIT(A) was duly justified in bringing to tax only the profit element embedded in the value of disputed purchases. However, whether the ....