Case Law Details
Navin Sirahmal Mukim Vs ITO (ITAT Pune)
It is observed that the assessee allegedly purchased diamonds through the Hawala purchase bills and thereafter utilized the same in the manufacture of the jewellery. In such a situation, the entire amount of purchase bills does not requires addition but only the profit element because the diamonds must have been actually purchased at lower prices in lieu of which costly hawala purchases were recorded, which were used in the jewellery-making,. The Hon’ble jurisdictional High Court in Pr.CIT Vs. Paramshakti Distributors Pvt. Ltd., vide its judgment dated 15.07.2019 in ITA No.413/2017, has sustained the addition @ 10% of the amount of purchases, being, the profit element involved therein. Respectfully following the precedent, I deem it appropriate to restrict the addition to 10% of the amount of purchases. It is ordered accordingly.
FULL TEXT OF THE ORDER OF ITAT PUNE
This appeal by the assessee is directed against the order passed by the CIT(A)-8, Pune on 06-08-2019 in relation to the assessment year 2008-09.
2. This appeal is time barred by 318 days. The assessee has filed an affidavit stating the reasons that the lockdown was imposed by the Govt. due to Covid-19 pandemic, which led to the late filing of the appeal. The ld. DR did not seriously object to the delay. Therefore, the delay is condoned and the instant appeal is admitted for disposal on merits by virtue of judgment of the Hon’ble Supreme Court in Cognizance for Extension of Limitation, In re 438 ITR 296 (SC) read with judgment in Cognizance for Extension of Limitation, In re 432 ITR 206 (SC) dated 08-03-2021 and 421 ITR 314.
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None of the officer of any states follows the Order of Other state HC. Various case laws are there which are infavour of genuine dealer but the attitude of Officers affect the bonafode dealer.Since 2013, Cheater business entities purposely doing such tactics to have % gain