TaxTMI 
TaxTMI 
2015 (1) TMI 1217
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....s is an assessee's appeal against the order passed by the authorities adding a sum of Rs. 6,58,965/- as an additional income of the assessee on account of sale of rice bran to a concern. 2. The appeal was admitted to consider the following substantial question of law: "Whether the Tribunal was justified in law in confirming the addition of Rs. 6,58,965/- on account of transaction with M/s. N....
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....hich also operates from the adjacent premises. Therefore, the Assessing authority proceeded under Section 145(3) of the Income tax Act and rejected the accounts maintained by the assessee. Thereafter, he proceeded to value 408.495 MT of rice bran sold by him at the rate of Rs. 3,890/- per MT based on the average purchase price and thus the difference was arrived at in a sum of Rs. 6,58,965/- and t....
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....airs as to minimize his tax burden". 5. Similarly, the Gujarat High Court in the case of CIT v. Keshavlal Chandulal [1966] 59 ITR 120 has observed that "where a person disposes of his goods at a lesser value than their market price, or at a concessional price, there is nothing in the income tax law which compels him to sell at a price which is the price realisable in the market". 6. The only exc....