Dismissing the appeal of the revenue the Court held that ,if a trader transfers his goods to another trader at a price less than the market price and the transaction is otherwise found to be bona fide, the taxing authority cannot take into account the market price of those goods ignoring the real price fetched to ascertain the profit from the transaction. No substantial question of law . (AY.2013-14 , 2014-15)
CIT v. Pragnesh Ramanlal Patel. (2019) 416 ITR 106/ 265 Taxman 434 (Guj) (HC)
S.143(3): Assessment – Trader transferring he goods to another trader. At a price less than the market price- Transactions showing loss – Addition cannot be made as income from undisclosed sources – No substantial question of law .[ S.260A ]