REMY DIAMONDS PRIVATE LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX - 5, MUMBAI
In the result, the appeals filed by the assessee are allowed for statistical purpose
ITA 3898/MUM/2018[2008-09]Status: DisposedITAT Mumbai21 Oct 2022AY 2008-09
Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. Nos. 3898 To 3900/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2008-09 To 2010-11) Remy Diamonds Pvt. Ltd. बिधम/ The Principal Commissioner Gw-1060, G- Block, Bharat Of Income Tax-5 Vs. Diamond Bourse, Mumbai Aayakar Bhavan, M. K. Kurla Complex, Bandra (E), Road, Mumbai-400051 Mumbai-400051. आयकर अपील सं/ I.T.A. Nos. 5481 To 5483/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2008-09 To 2010-11) Remy Diamonds Pvt. Ltd. बिधम/ Dcit, Circle-5(3)(1) Gw-1060, G- Block, Bharat Room No.573, Aayakar Vs. Diamond Bourse, Mumbai Bhavan, M. K. Road, Kurla Complex, Bandra (E), Mumbai-400020. Mumbai-400051. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcr2195R (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Hiren Vepari Revenue By: Smt. Mahita Nair (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 13/09/2022 घोषणा की तारीख /Date Of Pronouncement: 21/10/2022 आदेश / O R D E R Per Bench:
For Appellant: Shri Hiren VepariFor Respondent: Smt. Mahita Nair (Sr. AR)
Section 132Section 147Section 263
263 of the Act vide notice dated 01.03.2018 wherein he found fault with the action of the AO in restricting the disallowance @ 6.03% of the bogus purchase rather than disallowing the entire bogus purchase of Rs.2,79,33,584/-.
And he was also of the opinion that the AO missed out on the applicability of Section