Assessee cannot be Penalized for Purchasers’ Failure to Record Transaction

ACIT Vs Dewas Soya Limited (ITAT Indore)

In the case of ACIT vs. Dewas Soya Limited, the Income Tax Appellate Tribunal (ITAT) Indore dealt with an appeal from the Revenue regarding the treatment of certain transactions under Section 68 of the Income Tax Act. The crux of the case revolves around whether Dewas Soya Limited should be penalized for transactions with purchasing dealers who did not account for these transactions in their books.

Evidence Submitted by the Assessee:

• The assessee provided extensive documentation to prove the legitimacy of

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