Expense/Liability not allowable based on mere debit note, unless genuineness is established

Brief about the case Assessee Company was engaged in the business of property dealing and development of land. During the course of assessment year under consideration it procured a land for development of SEZ. Later, since land was insufficient to develop SEZ, it sold the land to one of its sister concern ‘Indo Global Infotech City Pvt Ltd’ (IGICPL) for a consideration of Rs.23.31 Crore as mentioned in the registered sale deed. With Mutual consent, the assessee company reduced the sale consideration in its books of account by Rs.1.11 Crore vide a journal entry on the basis of debit note r...