2000 (8) TMI 15 - HC - Income Tax

Summary

The High Court BOMBAY judgment for assessment year 1988-89 involved a company's intra-unit transfer of goods. The Assessing Officer valued goods at cost, but the company sold them at market value. The court found no merit in the Department's argument invoking section 80HH(7) as it did not apply to intra-unit transfers. The company did not inflate deductions under section 80HH, and the appeal was dismissed with no costs.