Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 579 - HC - Income TaxDisallowance was also made on account of claim of loss in the paddy account – unexplained sundry creditors - Held that:- Certain statements of certain farmers were recorded by the Inspector of Income-tax, but it were recorded behind the back of the assessee - appellant had submitted bills and necessary documents to the Assessing Officer - transactions were made through the mandi system, an independent market mechanism to ensure that all transactions are conducted at fair market prices - in a situation where the appellant had discharged its responsibility by furnishing necessary details - onus was on the Assessing Officer to bring on record the evidence to show that motive behind the two transactions was evasion of income-tax – in the absence of such evidence – disallowance is deleted – in favor of assessee
|