9911796707
TMI Blog2024 (2) TMI 1552X X X X Extracts X X X X X X X X Extracts X X X X ..... ied u/s. 271(1)(c) of the Act amounting to Rs.4,20,540/-. 3. The appeal is filed with a delay of 20 days where the assessee has sought for condoning the said delay and on perusal of the Affidavit filed by the assessee, we deem it fit to condone the delay in filing the present appeal. Delay condoned. 4. The brief facts are that the assessee is engaged in the business of manufacturing and wholesale trading of cut and polished diamonds and had filed its return of income dated 28.09.2011 declaring total income at Rs.41,43,49,462/- during the year under consideration. The assessee's case was selected for scrutiny and the assessment order dated 27.03.2015 was passed by the ld. Assessing Officer ('A.O.' for short) u/s. 143(3) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22). 8. The learned Departmental Representative ('ld.DR' for short), on the other hand, controverted the said fact and relied on the orders of the lower authorities. 9. We have heard the rival submissions and perused the materials available on record. It is observed that the assessee is alleged to have purchased cut and polished diamonds from (1) M/s. Aadi Impex (2) M/s. Kalash Enterprises and (3) M/s. Daksh Diamonds which aggregates to Rs.2,47,45,023/-. The ld. A.O. held the same to be bogus purchase on the premise that the assessee has received accommodation entries from the above mentioned entities which are sought to be managed and controlled by Bhanwarlal Jain & Famil and Rajendra Jain Group concerns. The assessee contended t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at & Alloys (supra) which we have extracted hereunder for ease of reference: 8. From the above facts, it is evident that the said addition made in the case of the assessee pertains to the addition made on bogus purchase on estimated basis. It is also pertinent to point out that the A.O. has arrived at the percentage of the gross profit based on the average gross profit earned by the assessee for A.Ys. 2008-09, 2009-10 and 2010- 11. We would like to place our reliance in the decision of the co-ordinate bench in ITA No.5384/Mum/2019 in the case of ACIT vs. M/s. Fancy Diamonds India Pvt. Ltd. vide order dated 17.06.2022, which has held that in case where the addition is made on estimated basis, the penalty u/s. 271(1)(c) of the Act is not le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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