Case Law Details
Case Name : Navin Sirahmal Mukim Vs ITO (ITAT Pune)
Related Assessment Year : 2008-09
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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...
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