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2015 (11) TMI 1541 - AT - Income TaxGross profit addition - CIT(A) in reducing the addition made to the gross profit from 0.5 percent to 0.1 per cent - assessee engaged in the business of Trading in Diamonds - Held that:- It is a known fact that the price of the diamond would depend upon various criteria, of which size and quality are more relevant. No transaction could take place in the diamonds trade without considering these criteria. Hence, non maintenance of quality-wise stock register was certainly a deficiency on the part of the assessee. Accordingly, in our view the ld. CIT(A) was justified in sustaining the addition to 0.1% of the turnover, considering the fact that the GP of the assessee has come down mainly due to foreign exchange loss. Accordingly, we do not find any infirmity in the order of ld. CIT(A) and confirm the same.
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