Thursday, December 17, 2009

HC GUJ: Undisclosed sources , inflated purchase price , in favor of revenue.

Income Tax - 2009 TMI - 35060 - GUJARAT HIGH COURT - SANJAY OILCAKE INDUSTRIES Versus COMMISSIONER OF INCOME-TAX
Assessment � Undisclosed sources � inflated purchase price � held that - the apparent sellers who had issued sale bills were not traceable. That goods were received from the parties other than the persons who had issued bills for such goods. Though the purchases are shown to have been made by making payment thereof by Account Payee Cheques, the cheques have been deposited in Bank Accounts ostensibly in the name of the apparent sellers, thereafter entire amounts have been withdrawn by bearer cheques and there is no trace or identity of the person withdrawing the amount from the bank Accounts - In the aforesaid set of facts and circumstances of the case, the impugned order of the Tribunal is an order which is made in accordance with law and does not require any interference � decided in favor of revenue.

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