DCIT CENTRAL CIRCLE-2(4) , MUMBAI vs. RONAK GEMS PRIVATE LIMITED, MUMBAI
In the result, Ground raised by the assessee is allowed
ITA 1497/MUM/2023[2020-221]Status: DisposedITAT Mumbai16 May 2024AY 2020-221
Bench: Shri Amit Shukla & Shri Gagan Goyaldy. Commissioner Of Income Tax, Central Circle- 2(4), Room No. 802, 8Th Floor, Pratistha Bhawan, M.K. Road, Church Gate, Mumbai - 400 020. ...... Appellant Vs. M/S. Ronak Gems Pvt. Ltd., 311, Mehta Bhawan, Shop No. 5, Opp. Charni Road, Mumbai – 400 020. ..... Respondent
For Appellant: Shri Nishit Gandhi, Ld. ARFor Respondent: Smt. Sanyogita Nagpal, Ld. DR
Section 115JSection 143(3)Section 250Section 69ASection 69C
bogus by the Ld. AO without appreciating the fact that the purchases were genuine and evidenced by a plethora of documents and evidences.
2.2
Without prejudice to the above, in the facts and circumstances of the case and in law, the Ld. AO erred in not applying a fair and reasonable Gross Profit Ratio
