https://www.taxtmi.com/caselaws?id=56839 The Tribunal dismissed the appeal, upholding the addition of profits claimed by the assessee to be profits of M/s. Shreejee Traders. It found the transactions to be a colorable device for income reduction and tax avoidance, diverting profits to the sister concern. The Tribunal concluded that the profits shown by M/s. Shreejee Traders actually belonged to the assessee, based on Supreme Court guidelines on tax planning and colorable devices. The Tribunal rejected the additional evidence presented by the assessee and clarified that the principle of res judicata does not apply in income tax proceedings. en-us Thu, 26 Sep 1996 00:00:00 +0530 Mon, 06 Dec 2010 19:00:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56839 The Tribunal dismissed the appeal, upholding the addition of profits claimed by the assessee to be profits of M/s. Shreejee Traders. It found the transactions to be a colorable device for income reduction and tax avoidance, diverting profits to the sister concern. The Tribunal concluded that the profits shown by M/s. Shreejee Traders actually belonged to the assessee, based on Supreme Court guidelines on tax planning and colorable devices. The Tribunal rejected the additional evidence presented by the assessee and clarified that the principle of res judicata does not apply in income tax proceedings. Case-Laws Income Tax Thu, 26 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56839