ITAT disallowed loss on Sales made at lower rate to reduce taxable Profit

Agarwal Global Steels Pvt. Ltd. Vs DCIT (ITAT Hyderabad) We observe that even if we consider the selling price @ 30,675.56 by M/s Gautham Rolling Mills Pvt. Ltd. and the same was purchased from the assessee @ 25,000/- per MT with tax, the difference would be Rs. 4,500/- per MT. We gave opportunity to both the parties to substantiate their claim to determine the actual loss to the assessee. However, we notice that ld. DR has not brought on record any thing in support of the findings of the AO for the disallowance of Rs. 1.8 crore. While, ld. AR made similar submissions as made in the original h...