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2011 (1) TMI 583 - HC - Income TaxReassessment - Escapement of income - reasonable ground for initiation reassessment proceeding - treatment of consignment sale as sale - Held that: - assessee had given sufficient opportunity to establish that the goods had been received from Assam parties on consignment basis. Since assessee had failed to establish that the goods had been sold on commission basis and since on enquiry also the parties were not found to exist, the AO was justified in treating the commission sales as trading sales and assessing the profit accordingly. The AO has also been reasonable in determining the profits on the basis of the rate of profit disclosed by the assessee in respect of trading of timber other than sales on consignment.
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