Transaction with sister concerns at a comparatively low price not sufficient ground to reject Books

IN THE ITAT BANGALORE BENCH ‘C’ Deputy Commissioner of Income-tax Versus Sphoorti Machine Tools (P.) Ltd. IT APPEAL NO. 928 (Bang.) of 2011 [ASSESSMENT YEAR 2007-08] SEPTEMBER  28, 2012 ORDER N. V. Vasudevan, Judicial Member  This is an appeal by the Revenue against the order dated July 11, 2011 of the Commissioner of Income-tax (Appeals)-III, Bangalore, relating to the assessment year 2007-08. 2. The grounds of appeal of the Revenue reads as follows : “1.          The order of the learned Commissioner of Income-tax (Appeals) is opposed to law and ...