In the result, the appeal of Revenue in ITA No
Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi
reassessment proceedings the said proprietary concern made a statement on oath confirming the purchase of diamonds from the assessee retracting the earlier confession made, in spite of which the AO made addition, the Tribunal deleted the said addition. The Hon‟ble High Court of Bombay taking support from the decision of Hon‟ble Supreme Court in the case of Vinod