TMI BlogEstimation of income - Bogus purchases of diamonds - There is evidence received by the Revenue that the...Estimation of income - Bogus purchases of diamonds - There is evidence received by the Revenue that the entire purchases made by the assessee is bogus i.e., the assessee has not received any diamonds though it has debited the purchase value of diamonds in his books of accounts. This fact is not disproved. When no diamonds are received by the assessee there is no possibility of those diamonds being sold. Hence estimation of profit on sale of diamonds which never existed is not appropriate. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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