The Assessing officer made disallowance of 100 percentage of alleged accommodation entries in respect of purchases of diamonds. On appeal the Tribunal restricted the disallowance at rate of 6 per cent of purchases. High Court affirmed the order of the Tribunal. Followed, ITO v. Pankaj A Chaudhary [IT Appeal No. 1152 (AHD) of 2017, dated 27-9-2021 (Ahd)(Trib) PCIT v. Pankaj K. Chaudhary v [Tax Appeal No. 617 of 2022, dated 7-3-2023 (Guj)(HC)]
PCIT v. Vrajendra Jagjivandas Thakkar (2023) 295 Taxman 713 (Guj.)(HC)
S. 143(3) : Assessment-Bogus purchases-Accommodation entries-Trading in diamonds-Cash credits-Unexplained expenditure-Order of Tribunal affirming disallowance of 6 percent of disputed purchases is affirmed. [S.68, 69]