(PER : HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI) We have heard Mr.Sudhir M.Mehta, learned advocate for the appellant.
Admit. We formulate the substantial question of law as under:
[A] "Whether the decision of Hon'ble ITAT is not perverse in law and on facts of the case in restricting the disallowance to 10% of the bogus purchases of Rs.19,04.896/- for A.Y.2006-07, and restricting the addition of Rs.92,21,982/- made on account of low G.P. rate declared to Rs.18,00,000/- only; after having admitted the fact that the assessee could not lead any evidence in regard to correctness or genuineness of the claim of diamond purchases and the assessee having failed to prove the identity of the seller parties, and in ignoring the facts that these are used by the assessee to suppress profit Page 1 of 2 O/TAXAP/400/2015 ORDER without making actual purchase and dismally low G.P. Rate declared by assessee?"
Issue notice to the respondent. Paper book be filed within three months.
(V.M.SAHAI, ACJ.) (R.P.DHOLARIA,J.) Ashish Tripathi Page 2 of 2