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2017 (11) TMI 1708 - AT - Income TaxBogus purchases - profit estimation - assessee is engaged in the business of trading and export of diamonds - Held that:- Considering the fact that the profit margin in this sector is around 2 to 3 percent and the taxes saved is also around 1%, it is of the considered opinion that if the addition is sustained to the extent of 3% of the disputed purchases, the same will meet the ends of justice. Thus, after considering the totality of facts the addition made by the AO is restricted to 3% of the disputed purchases.
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