https://www.taxtmi.com/caselaws?id=71945 Additions based on alleged diversion of acetic anhydride in the grey market, bogus sales of MG-7, stock deficit and bogus purchases were held unsustainable where the assessee's books, statutory records, stock registers, issue slips, invoices and transport evidence were corroborated by purchaser and transporter confirmations and by retracted earlier statements. The material also showed that a criminal court had accepted the defence version after evidence. In these circumstances, adverse inferences drawn only from initial statements and suspicion could not prevail over consistent documentary and oral evidence, and the additions were deleted. en-us Fri, 29 Feb 2008 00:00:00 +0530 Wed, 12 Jun 2013 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71945 Additions based on alleged diversion of acetic anhydride in the grey market, bogus sales of MG-7, stock deficit and bogus purchases were held unsustainable where the assessee's books, statutory records, stock registers, issue slips, invoices and transport evidence were corroborated by purchaser and transporter confirmations and by retracted earlier statements. The material also showed that a criminal court had accepted the defence version after evidence. In these circumstances, adverse inferences drawn only from initial statements and suspicion could not prevail over consistent documentary and oral evidence, and the additions were deleted. Case-Laws Income Tax Fri, 29 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71945