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Addition of unaccounted profit on estimation basis in trading/ manufacturing of diamonds restricted to 10%
Case Law Details
- Case Name
- Darrk Diamonds Vs I.T.O (ITAT Surat)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Surat
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Darrk Diamonds Vs I.T.O (ITAT Surat)
ITAT Surat held that the addition on account of unaccounted profit on estimation basis, in trading/ manufacturing of diamonds, restricted at 10% of the sales in view of CBDT instructions vide circular no. 2/2008 dated 22nd February 2008.
Facts-
The appellant is engaged in the manufacturing and trading of rough and polished diamonds. AO made an addition on account of undervaluation of stock of rough diamonds. AO made the addition by taking view that the average purchase rate was much higher than the average rate of opening stock and that still the closing st...
Author Info
