Held that the assessee accounted for sales at full figure and no relevance to loan granted by bank. Once profit embedded in sales taxed, same sales cannot be taxed again. Once sales are accepted purchases cannot be disallowed. Order of CIT(A) deleting the addition is affirmed.(AY.2011-12)
Asst. CIT v. Northern India Alcobru Systems (2023)108 ITR 1 (SN)(Surat) (Trib)
S. 41(2) : Profits chargeable to tax-Balancing charge-Sale of machinery-Once profit embedded in sales taxed, same sales cannot be taxed again-Income from undisclosed-Once sales are accepted purchases cannot be disallowed-Disallowance is deleted.[S. 69C]