https://www.taxtmi.com/highlights?id=3859 Transaction between the head office of the assessee and its branch in India was a transaction between the principal and principal. In law, there cannot be a valid transaction of sale between the branch and its head office. As it is ultimately based on a proposition that no person can enter into contract with one self. Debiting or crediting one's account cannot alter the legal position. - AT en-us Mon, 28 May 2012 16:12:15 +0530 Mon, 28 May 2012 16:12:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=3859 Transaction between the head office of the assessee and its branch in India was a transaction between the principal and principal. In law, there cannot be a valid transaction of sale between the branch and its head office. As it is ultimately based on a proposition that no person can enter into contract with one self. Debiting or crediting one's account cannot alter the legal position. - AT Highlights Income Tax Mon, 28 May 2012 16:12:15 +0530 https://www.taxtmi.com/highlights?id=3859