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TMI Blog2019 (4) TMI 681X X X X Extracts X X X X X X X X Extracts X X X X ..... e has sold the software in subsequent years which is evident from sales invoices placed on record. So far as the observations that the Linux was free open source software, is concerned, it has been submitted that the said software has been tailor made by the assessee as per the user’s requirement and the said fact remain uncontroverted. Another noteworthy point is that fact that nothing has been placed on record by AO to support the finding that the price paid by the assessee was excessive or unreasonable, in any manner, having regards to the market price of these goods. Under these circumstances, no infirmity could be found in the impugned order. Appeal stands dismissed. - I.T.A. No.7432/Mum/2017 - - - Dated:- 9-4-2019 - Hon ble Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of chemicals etc. and trading in computer parts was assessed for impugned AY u/s 143(3) on 28/12/2016 by Ld. Assistant Commissioner of Income Tax- Circle 2(2)(2), Mumbai [AO] wherein the income of the assessee was determined at ₹ 312.99 Lacs after certain additions as against returned income of ₹ 297 Lacs filed by the assessee on 30/09/2014. As evident from grounds of appeal, the sole subject matter of present appeal before us is disallowance of ₹ 86.49 Lacs on account of certain purchases made by the assessee. This addition, although discussed in the quantum assessment order dated 28/12/2016, was omitted to be made while computing the income of the assessee and accordingly, the quantum assessment order has been rectified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tware formed part of closing stock which has been sold in subsequent years as evident from stock records. 5. We have carefully heard the rival submissions and perused relevant material on record including documents placed in the paperbook. Upon perusal, the undisputed position that emerges is the fact that the assessee has purchased the stated software under 6 bills for resale. The part of these software has been sold by the assessee during impugned AY and the balance software have been reflected as Closing Stock under the head electronics which is evident from closing stock details as placed on page no. 100 of the paper-book. The perusal of quantitative details reveals that the assessee is having closing stock of these i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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