Cash Receipt of Sale Consideration Not Enough to Treat High Sea Sales as Bogus: ITAT Delhi

Singhal Exim Pvt. Ltd. Vs ITO (ITAT Delhi) The appeal before the ITAT Delhi concerned Assessment Year 2014-15 and primarily involved three issues: addition relating to alleged non-genuine high sea sales, addition under Section 68 in respect of unsecured loans from directors, and disallowance of miscellaneous expenses. The assessee was engaged in the business of importing mobile phones from China and selling them in India. During the relevant year, it reported total sales of ₹62.91 crore, out of which ₹59.11 crore represented high sea sales. The Assessing Officer treated these high sea sale...