2011 (11) TMI 764

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..... that in the assessment year in question, the gross profit has increased compared to the gross profit in the earlier years. The Tribunal has recorded finding that the assessee has maintained the carat wise stock register which is the regular practice prevalent in the diamond trade. The Tribunal has recorded a finding of fact that in the present case, the books of account maintained by the assessee .....

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..... ere the profits of persons engaged in export of diamond was high. The Tribunal has recorded a finding of fact that in the assessment year in question, the gross profit has increased compared to the gross profit in the earlier years. The Tribunal has recorded finding that the assessee has maintained the carat wise stock register which is the regular practice prevalent in the diamond trade. The Trib .....

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