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2016 (7) TMI 759 - ITAT KOLKATADisallowance of loss on account of trading in cotton knitted fabrics - Held that:- The trading loss claimed by the assessee is not a genuine trading loss and the entire transactions have been carried out in a circuitous route among the group concerns by doing paper work in the form of purchase and sales invoices only to give the colour of genuinity. We hold that the assessee had adopted merely a colourable device with an intent to evade payment of taxes. We find that the decision rendered by the co-ordinate bench of this tribunal in the case of Smt Indra Jalan vs ITO supra is squarely applicable to the facts of the instant case before us and respectfully following the same, we dismiss the grounds raised by the assessee - Decided in favour of revenue
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