2022 (11) TMI 620

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.... For the Assessee : Shri Himanshu Gandhi For the Revenue : Shri Prasoon Kabra ORDER PER M. BALAGANESH (A.M): These appeals in ITA Nos.1499/Mum/2020 to 1501/Mum/2020 for A.Yrs.2010-11, 2011-12 & 2013-14 respectively to arise out of the order by the ld. Commissioner of Income Tax (Appeals)-59, Mumbai in appeal No.CIT(A)-59,Mumbai/10723/2017-18, CIT(A)-59,Mumbai/10874/2017-18 & CIT(A)-59,....

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....nd challenging the validity of re-assessment on different facet which was also stated to be not pressed by the ld. AR at the time of hearing. The same is reckoned as a statement made from the Bar and hence, dismissed as not pressed. 4. The only surviving issue that needs to be adjudicated is as to whether the ld. CIT(A) was justified in confirming the disallowance made on account of non-genuine....

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....hat only profit element embedded in the value of such purchases could be brought to tax in the interest of justice. Accordingly, the ld. AO estimated the profit element embedded in the value of such disputed purchases at 5% which was reduced to 3% by the ld. CIT(A). 4.2. The only issue that arises before us is as to whether the estimation on profit element made by the ld. CIT(A) at 3% is just a....

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....anufacturing of diamonds. Considering the same, we find that the ld. CIT(A) was duly justified in estimating the profit percentage at 3% on which we do not deem it fit to interfere. In other words, the estimation of profit percentage at 3% by the ld. CIT(A) is just and fair and does not require any interference. Accordingly, the ground No.2 raised by the assessee is dismissed. 6. In the result,....