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2015 (1) TMI 1217 - HC - Income TaxAddition on deemed additional sale price - Held that:- The Apex Court in the case of CIT v. Calcutta Discount Co. Ltd. [1973 (4) TMI 6 - SUPREME Court] has held that "where a trader transfers his goods to another trader at a price less than the market price and the transaction is a bonafide one, the taxing authority cannot take into account the market price of those goods, ignoring the real price fetched to ascertain the profit from the transaction. An assessee can so arrange his affairs as to minimize his tax burden". The authorities were not justified in adding the income, taking the difference between the price at which the rice bran is purchased and rice bran is sold. Therefore, the substantial question of law is answered in favour of the assessee and against the revenue.
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