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2007 (9) TMI 262 - DELHI HIGH COURTDealer in shares - Additions to the income of assessee on account of the high price paid for the purchase of shares of erstwhile HCL – assessee had some special knowledge about the joint venture and the scheme of arrangement and was therefore, willing to pay a higher price to corner the shares - Explanation given by assessee was a plausible explanation and could not be termed perverse – ITAT and CIT (A) were right in examining the explanation and concluding that transactions were not sham – therefore amount could not be disallowed - in respect of valuation of closing stock, assessee rightly valued it at cost price or market price whichever is lower
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