Case Law Details
Case Name : ITO Vs Solid Machinery Co Pvt Ltd (ITAT Mumbai)
Related Assessment Year : 2009-10
Courts :
All ITAT ITAT Mumbai
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ITO Vs Solid Machinery Co Pvt Ltd (ITAT Mumbai)
It was noticed that the assessee has made purchases of textile items, i.e. fabrics, worth Rs 19,22,05,946 from a large number of entities, and sold all these goods to three entities- namely Global Softech Limited, Ravi Raj Industries, and Tayal Energy Limited, for amounts aggregating to Rs 19,25,88,451. The Assessing Officer also noted that there was no proof of delivery of fabric, that no expenses were debited on account of transportation expenses and that there is no explanation for such inconsistencies. It was also noticed that barring confi...
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Hudos to the Assessing Officer for his perseverence and correct assessment, and to the Hon’ble ITAT for explaining the letter and spirit of law and for allowing AO’s appeal.