TMI Blog2019 (7) TMI 1054X X X X Extracts X X X X X X X X Extracts X X X X ..... was evidence to substantiate the claim of the assessee that he had to sell his goods at the agreed price which was lesser than the cost of purchase. There is a finding of fact arrived at by the two Revenue authorities that the assessee was able to furnish copies of the sales bill and nothing was found suspicious about the transaction. There is a concurrent finding recorded by the two Revenue a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1961 (for short, the Act, 1961 ) is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, D Bench, Ahmedabad dated 15th November 2018 in the ITA No.352/Ahd/2014 for the assessment year 2008-09. 2 The Revenue has proposed the following question of law: Whether the Appellate Tribunal has erred in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that no prudent businessperson will sell the goods at losses. However, in case the assessee has committed to supply goods at an agreed price without having any escalation clause in the agreement then the assessee is duty bound to supply the goods at the same rate, despite the fact the price of raw material cost has increased. Thus, whatever loss has been incurred is eligible as it arises in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on would sell the goods at a price less than the cost. Indeed the observation of the AO appears to be correct, but there was no evidence brought on record to prove the submission of the assessee wrong, i.e. the sale was made at loss. There was also no allegation that the assessee has sold the goods at a higher value but declared the same at a lesser value in the books. Thus in the absence of docum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les bill and nothing was found suspicious about the transaction. There is a concurrent finding recorded by the two Revenue authorities that there is nothing to indicate that the assessee had sold the goods at a higher value, but had deliberately declared the same at a lesser value in the books. 5 In view of the concurrent findings arrived at by the two revenue autho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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