M/S. VIJAYALAXMICASHEW CO.,,KOLLAM vs. THE ACIT, KOLLAM
In the result, the appeals of the assessees in ITA Nos
ITA 47/COCH/2016[2008-09]Status: DisposedITAT Cochin03 Feb 2020AY 2008-09
Bench: S/Shri Chandra Poojari, Am&George George K., Jm
68,77,750
4. On appeal, the CIT(A) observed that the onus to establish the fact that the
transaction is genuine, in view of diversion of profits to sister concerns which are
enjoying tax exemptions and the seller incurring huge loss in the process, is on the
assessee. According to the CIT(A), where a trader charges less than
