2019 (4) TMI 681

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.... PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by revenue for Assessment Year [in short referred to as 'AY'] 2014-15 contest the order of Ld. Commissioner of Income- Tax (Appeals)-5, Mumbai, [in short referred to as 'CIT(A)'], Appeal No.IT- 406/16-17 dated 03/10/2017 on following grounds of appeal: - "1."Whether on the facts and in the circumstances of the case and ....

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....spute are that the assessee being resident corporate entity engaged in the business of export / import of chemicals etc. and trading in computer parts was assessed for impugned AY u/s 143(3) on 28/12/2016 by Ld. Assistant Commissioner of Income Tax- Circle 2(2)(2), Mumbai [AO] wherein the income of the assessee was determined at Rs. 312.99 Lacs after certain additions as against returned income of....

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.... resale in the normal course of business. These software was in the nature of Linux Version-1, VMS Ent./Std. Addition, Re purposing software etc. which was stated to be purchased at rates ranging from Rs. 1000/- to Rs. 1600/-. However, finding the rates to be excessive and unreasonable and observing that Linux was free and open-source software, Ld. AO disallowed the same. 3. The assessee agi....

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.... stock records. 5. We have carefully heard the rival submissions and perused relevant material on record including documents placed in the paperbook. Upon perusal, the undisputed position that emerges is the fact that the assessee has purchased the stated software under 6 bills for resale. The part of these software has been sold by the assessee during impugned AY and the balance software....