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2022 (3) TMI 293 - AT - Income TaxEstimation of income - Bogus purchases - HELD THAT:- We find that the ld. CIT(A) had categorically observed that the ld. AO had not doubted the sales as disclosed by the assessee out of the purchases made from the aforesaid disputed parties. He also held that without the purchases there could not be any sales. Ultimately going by the VAT rate prevailing at the relevant point in time for diamonds, and incidental profit element thereon, the ld. CIT(A) estimated the profit percentage @3% on the entire value of disputed purchases as detailed hereinabove. The very same issue was subject matter of adjudication by this Tribunal in assessee's own case [2019 (3) TMI 1958 - ITAT MUMBAI]wherein the purchases made from the similar parties were restored back to the file of the ld. AO for denovo adjudication. Both the parties before us fairly agreed that let this entire appeal to be restored to the file of the ld. AO for denovo adjudication. In view of the aforesaid facts and in light of the Tribunal decision in A.Y. 2008-09 and in view of the fact that both the parties had consented to the decision, we deem it fit and appropriate to restore this entire appeal to the file of ld. AO for denovo adjudication in accordance with law. Grounds raised by the assessee as well as by the Revenue are allowed for statistical purposes.
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