Bogus Purchase cannot be subject matter of best judgment assessment

HIGH COURT OF PUNJAB AND HARYANA J.R. Solvent Industries (P.) Ltd. v. CIT IT REFERENCE NO. 105 OF 1997 APRIL 16, 2012 JUDGMENT M.M. Kumar, J. This order shall dispose of a bunch of appeals filed under Section 260A of the Income Tax Act, 1961 (for brevity, ‘the Act’) against the order(s) rendered by the Chandigarh Bench of the Income Tax Appellate Tribunal (for brevity, ‘the Tribunal’) and ITR No. 105 of 1997, which has been referred to this Court by the Tribunal on the reference application filed by the assessee – M/s J.R. Solvent Industries (P) Ltd., against t...