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Income Tax - Highlights / Catch Notes

Home Highlights February 2020 Year 2020 This

Additions - under pricing to sister concern - This action of the ...

Income Tax

February 11, 2020

Additions - under pricing to sister concern - This action of the A.O. is unjustified. Hence, the addition on account of underpricing was not warranted. The assessing officer missed the vital point that income was below taxable limit after b/f losses were set off during the current year. Moreover, there was no finding by the lower authorities that sister concerns benefited in any manner.

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