Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 106 - ITAT MUMBAIAddition of non-genuine purchases - assessee is an individual as engaged in the business of trading in diamonds - only the purchases from M/s Krishna Diam have been disputed by the Revenue on the basis of information received from the Investigation Wing - HELD THAT:- As, in the present case there is no dispute regarding the fact that the assessee is also in the business of trading in diamonds, therefore, respectfully following the case of Oopal Diamond [2022 (11) TMI 620 - ITAT MUMBAI] we deem it appropriate to restrict the disallowance to 3% being the profit element in the diamond trading business. As a result, other grounds raised by the assessee are partly allowed.
|