PARIN GEMS,MUMBAI vs. ITO - 30(2)(4), MUMBAI
In the result, appeals filed by the assessee are allowed
ITA 5985/MUM/2016[2011-12]Status: DisposedITAT Mumbai12 May 2022AY 2011-12
Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Blem/S. Parin Gems V. Income Tax Officer – 30(2)(4) G-5, Basement C/13, Pratyakshkar Bhavan Prasad Chambers Premises Bandra Kurla Complex Co.Op Society Ltd., Bandra (E), Mumbai – 400051 Opera House, Mumbai – 400004 Pan: Aalfp4724B (Appellant) (Respondent)
For Appellant: Shri Ashok MehtaFor Respondent: Shri R.A. Dhyani
Section 143(1)Section 143(2)
…5245/ Del- Mere low yield does not warrant any addition as it varies from concern to concern and year to year. h) Govindram Kakwani- 90 TTJ 981 ITAT, jodh — AO was not justified to make lumpsum addition without rejecting books. i) Nishant Housing Development- 52 ITD 103, ITAT PAT- AO was not justified to make lumpsum addition without rejecting books.” 10. After considering the detailed submissions of the assessee, Ld.CIT(A) sustained the additions made by the Assessing Officer and further made adjustment on the valuation of rate of diamonds adopted by the Assessing Officer and accordingly reduced the same by obs…
