Extraordinary profits cannot lead to conclusion that there is an arrangement between parties

HIGH COURT OF BOMBAY Commissioner of Income-tax-7 versus Schmetz India (P.) Ltd. IT Appeal No. 4508 of 2010 September 4, 2012 JUDGMENT M.S. Sanklecha, J. This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (‘the Act’) challenges the order dated 30.07.2008 of the Income Tax Appellate Tribunal (‘the Tribunal’) in ITA No. 7629/MUM/07 relating to the assessment year 2004-2005. 2. Being aggrieved by the order dated 30.07.2008 of the Tribunal, the Revenue has formulated the following questions of law for consideration of this court. R...