No Evidence of Cash Received Back for Purchases: HC Dismisses Revenue Appeal

PCIT Vs Garg Acrylic Ltd. (Delhi High Court) In the matter abovementioned Delhi HC dismissed appeal filed by revenue after observing that there is no allegation or finding that cash had been received back by the assessee in respect of the purchases reflected in its books of account. Appeal is filed u/s 260A against the order of ITAT. The present case indicates the travails of the assessee being vexed with multiple assessment proceedings. Assessee filed its return for AY 2011-12 on 19.09.2011 at 31,41,11,875/-. CIT (A) as well as ITAT ruled in the favour of the assessee. Thereafter, AO found in...