2007 PTD 31

Case Laws / Head Notes / Paras

Addition on account of purchase rate---Taxation Officer had unnecessarily without bringing on record, blamed the taxpayer/assessee that "a collusive arrangement existed between the assessee and the parties and a good chunk of profit was suppressed by virtue of declaring low sale rate"---Both the officers below had neither looked for any relevant positive evidence nor for any significant basis for making a case against the assessee---Addition made on account of purchase rate was deleted by the Appellate Tribunal.