GP rate and NP rate are not related to rate of discount and it is enough to written off the debts as irrecoverable

Last updated: 08 September 2012

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Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Whether in the facts and circumstances of the case, the Commissioner of Income tax (Appeals) has erred in law and facts in deleting the disallowances of Rs.707376/- made by the A.O. on account of discount of sale ignoring the fact that said discount was neither supported by any documentary evidences nor it was supported by circumstantial evidences.

Citation :
Additional Commissioner of Income Tax, Aayakar Bhawan, Range-2,Meerut. Vs. M/s Pyarelal Coir Products Ltd., Bhola Road, Multan Nagar, Meerut. PAN: AABCP1157E.(Appellant) (Responden)

Daily Limit Reached