Case Law Details
Case Name : Base Metal Chemicals Vs ACIT (ITAT Ahmedabad)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Ahmedabad
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Base Metal Chemicals Vs ACIT (ITAT Ahmedabad)
Presumptions Rejected- Commercial Reality Wins- ITAT Deletes ₹6.9 Cr Additions, Allows Only ₹5.47 L
Assessee, a partnership firm engaged in manufacturing of organic & inorganic chemicals, filed return declaring income of ₹2,99,67,050. The case was scrutinized u/s 143(3) & AO made multiple additions, assessing income at ₹10.65 crore. CIT(A) confirmed most additions. Assessee appealed to Tribunal.
1. Suppression of Conversion Charges (₹5,47,164):
AO compared conversion charges shown by Assessee (₹3,95,91,805) with GACL ledger (...
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