2021 (7) TMI 1465

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....me Tax(Appeals)-10, Mumbai [in short 'the CIT(A)'] dated 10/05/2019 for the assessment year 2014-15. 2. The assessee in appeal has assailed addition of Rs. 1,90,247/- confirmed by the CIT(A) in respect of purchases made from M/s. Prime Star by estimating G.P rate at 8% on such purchases. 3. The brief facts of the case as emanating from records are: The assessee is a trader in diamonds. Durin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ction 132 of Income Tax Act, 1961 (in short 'the Act') in the case of Bhanwarlal Jain Group, Bhanwarlal Jain admitted that through various concerns floated they are providing accommodation entries against commission and there is no actual sale. The Assessing Officer made estimated addition of 8% of the alleged bogus purchases. The estimate made by Assessing Officer is fair and reasonable, ....