Sand Purchase Price Reduced: Reason AO Cannot Rely on Partner’s Confession Alone for Inflated Rate

Mass Readymix Vs ACIT (ITAT Chennai)

Only GP on Unaccounted Purchases is Income – ITAT Reaffirms Legal Principle- Confession Isn’t Computation – Tribunal Requires Evidence for Rates

Mass Readymix, a partnership firm engaged in manufacturing ready-mix concrete, was subjected to survey u/s 133A on 21.09.2017 (along with search on one of the partners). During survey, folders were found showing unaccounted purchases of river sand for all three years. Based on this, the AO reopened AYs 2016-17 & 2017-18 u/s 148 & completed asses

Please become a Premium member. If you are already a Premium member, login here to access the full content.