Mumbai ITAT Restricts Bogus Diamond Purchase Addition to 2% Following Earlier Rulings

Star Brillian Vs ACIT (ITAT Mumbai) Mumbai ITAT Restricts Addition on Alleged Bogus Diamond Purchases to 2% Following Earlier Orders in Assessee’s Own Case The Mumbai ITAT upheld the order of the CIT(A) restricting the addition on alleged bogus diamond purchases to 2% of the disputed purchases, following its own decisions in the assessee’s earlier assessment years. Although the reopening was based on information received from the Rajendra Jain group search, the Tribunal noted that the assessee had produced purchase and sale invoices, stock records, confirmations, PAN, income-tax re...