This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
To add the difference between Market Value and sale value , department has to prove that the assessee had received more than what is declared
Case Law Details
- Case Name
- The Commissioner of Income Tax Vs Rajendra Sec- Lease Ltd. (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
CIT Vs. Rajendra Seclease Ltd. (Delhi HC) – In absence of evidence to show either that the sales were sham transactions or that the market prices were in fact paid by the purchasers; the mere fact that the goods were sold at a concessional rate to benefit the purchasers at the expense of the company would not entitle the Income Tax department to assess the difference between the market price and the price paid by the purchasers, as profits of the company.
The Supreme Court in the case of K.P. Vargheese v Avtar Mohan Singh (Mrs.) [1982] 136 ITR 645 (Delhi) has held tha...
