ITAT allowed loss on sale of cashew kernels as lower price was charged in conformity with commercial practice

INCOME TAX : Where Assessing Officer noticing that assessee sold cashew kernels to its sister concerns at value much lower than cost of production disallowed loss incurred by assessee on such sales, since transactions entered into by assessee with its sister concerns were genuine and bona fide and price charged by assessee from its sister concerns were in conformity with normal commercial practice whereby assessees got huge order in large quantities with timely recovery of debts,

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