The Tribunal held that a 6% Gross Profit (GP) rate was a fairer and more appropriate estimate on high-value unaccounted sales of semi-precious gems, overturning the Assessing Officer's (AO) estimation of 10%.

The Adjudicating Officer, Registrar of Companies, post- reviewing the documents held that the company had violated Section 117(2), which prescribes a penalty of ₹10,000 and an additional ₹100 per day for continuing failure, subject to a maximum of ₹2 lakh for the company and ₹50,000 for each officer in default.

The Adjudicating Officer, Registrar of Companies, post- reviewing the documents held that the company had violated Section 117(2), which prescribes a penalty of ₹10,000 and an additional ₹100 per day for continuing failure, subject to a maximum of ₹2 lakh for the company and ₹50,000 for each officer in default.