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2018 (9) TMI 2056 - AT - Income TaxEstimation of income - bogus purchases - CIT-A estimating the profit rate @5% on the purchases disallowed - HELD THAT:- Taking into consideration all these facts and circumstances, the material available on record for this assessment year, and there is no change in the facts of the case, where the same parties are available in the assessments completed for the A.Ys. 2009-10, 2012-13, 2013-14 & 2014-15, and also the AOs themselves adopted 5% as the profit margin on the total purchases in the subsequent scrutiny assessments passed for the above assessment years, AO is directed to restrict the addition @5% of the purchase amount as the profit element embedded on such purchases in this year also. On a careful reading of the order of the Ld.CIT(A), we do not find any valid reason to interfere with the findings. Thus, we sustain the Ld.CIT(A) order on this issue. - Decided in favour of assessee. Disallowance made towards additional depreciation - diamond cutting & polishing - manufacturing or production of article or thing - HELD THAT:- Respectfully following the Coordinate Bench decision in the case of Flawless Diamond India Ltd.[2014 (9) TMI 261 - ITAT MUMBAI] we hold that cutting and polishing of diamonds manufacturing or production of article or thing as envisaged for the purpose of claiming additional depreciation u/s. 32(1)(iia) of the Act. The Tribunal has also taken similar view in assessee’s own case for the Assessment Year 2009-10 [2016 (9) TMI 1608 - ITAT MUMBAI] - Decided in favour of assessee.
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