PCIT v. Rawmin Mining and Ind. (P) Ltd. (2020) 274 Taxman 427 (Guj.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Rawmin Mining And Industries (P.) Ltd. (2021) 277 Taxman 593 (SC)
S. 69 : Unexplained investments-Under invoicing-Report of Enquiry commission-Purchased ‘royalty paid’ iron ore from open market and exported same at arm’s length price, no addition could be made on ground of under-invoicing of export on basis of some report of Enquiry Commission.
Assessee-company was engaged in business of trading iron ore. On basis of report of enquiry Commission, Assessing Officer held that assessee was one of such companies which exported iron ore by under-invoicing-Assessing Officer reopened assessment of assessee and made addition on ground of under-invoicing of export-Tribunal held that when assessee had purchased ‘royalty paid’ iron ore from open market and exported same at ALP, no addition could be made to assessee’s income on basis of aforesaid report. High Court up held the order of the Tribunal. (AY. 2010-11)