https://www.taxtmi.com/caselaws?id=174706 A company's assessable income could not be increased by the difference between market price and concessional sale price where yarn was sold to connected parties, because the sales were not shown to be sham and there was no proof that the company had received more than the recorded consideration. The court held that, at most, the managing agents had made concessional sales in breach of duty, creating a loss to the company rather than taxable income. Only income actually accrued or realised by the assessee can be taxed, so the disputed addition was unjustified and the issue was decided for the assessee. en-us Mon, 18 Apr 1955 00:00:00 +0530 Fri, 26 Feb 2016 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174706 A company's assessable income could not be increased by the difference between market price and concessional sale price where yarn was sold to connected parties, because the sales were not shown to be sham and there was no proof that the company had received more than the recorded consideration. The court held that, at most, the managing agents had made concessional sales in breach of duty, creating a loss to the company rather than taxable income. Only income actually accrued or realised by the assessee can be taxed, so the disputed addition was unjustified and the issue was decided for the assessee. Case-Laws Income Tax Mon, 18 Apr 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174706