Sec. 36(1)(iii) disallowance couldn't be attracted in absence of any material to show diversion of loans

INCOME TAX : Where Assessing Officer holding that cash sales of bullions were effected by assessee by quoting low rates as against sales effected against jewellery made addition for suppression of sales, however, Tribunal after taking note of number of instances where assessee had charged lesser on its jewellery customers than for cash sales and also finding that there was no additions for supression of sales for other assessment years deleted said addition, impugned order of Tribunal was justif

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