COMMISSIONER OF INCOME TAX vs. S.MADHAVA, M/S BELLARY STEEL ROLING MILLS,

The appeals are allowed

Bench: N.KUMAR,H.S.KEMPANNA

1,28,48,42,890/- by making a declaration of diamonds valued at `36,87,47,758/- and paying the tax on a flat rate of 30% on the VDIS declaration. After taking note of the declaration of cash in the VDIS 1997 by the assessee group, he held that the assessee has merely followed a circuitous method of transferring

COMMISSIONER OF INCOME TAX vs. S.MADHAVA, M/S BELLARY STEEL ROLING MILLS,

The appeals are allowed