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Entire Purchase Disallowance Rejected; 6% GP Estimation Upheld
Case Law Details
- Case Name
- ITO Vs Rajat Diamond Exim Private Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Rajat Diamond Exim Private Limited (ITAT Mumbai)
Bogus Purchases Can’t Mean Bogus Sales Too: ITAT Mumbai Upholds 6% GP Estimation, Rejects s.68 Double Taxation in Diamond Trade
ITAT Mumbai (D Bench) in ITO vs Rajat Diamond Exim Pvt. Ltd. & cross-appeals (ITA Nos. 1458 to 1460/Mum/2025, 1478/Mum/2025 & 1527 to 1529/Mum/2025; AYs 2013-14 to 2016-17; order dated 23.12.2025) has dismissed both Revenue & Assessee appeals, affirming CIT(A)’s balanced approach of taxing only the profit element at 6% on alleged bogus purchases/sales.
The case arose from reassessments u/s 147 r.w...
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