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Income Tax Appellate Tribunal, PUNE “SMC” BENCH : PUNE
Before: SHRI SATBEER SINGH GODARA
the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/ 2022-23/1051667776(1), dated 30.03.2023, in proceedings u/s.143(3) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties. Case file perused.
The assessee pleads the following substantive grounds in the instant appeal :
2 ITA.No.239/PUN./2024
Suffice to say, the sole substantive issue between the parties is only to the extent of the estimation of assessee’s gross profit claimed @ 16.9% which stands enhanced to 18% by the learned lower authorities qua it’s sales turnover of Rs.5,57,44,930/-. Coming to this limited issue between the parties involving assessee’s jewellery business; I find that neither of their respective stands deserve to be accepted in entirety in absence of corresponding comparable instance having filed in the case records. It is in these peculiar facts that I deem it appropriate to re-estimate the assessee’s impugned gross profits @ 17.5% with a rider that the same shall not be treated as a precedent in other case(s). Necessary computation shall follow as per law. Ordered accordingly.
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This assessee’s appeal is partly allowed in above terms.
Order pronounced in the open Court on 14.05.2024.