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2003 (5) TMI 44 - HC - Income Tax"1. Whether, Tribunal was justified in holding that payments in sums exceeding Rs. 2,500 amounting to Rs. 4,83,000 made to Hanuman Sugar and Industries Ltd., made in respect of delivery of cotton yam are hit by the provisions of sub-section (3) of section 40A of the Income-tax Act, and that, therefore, such payments should be added to the total income in terms of the aforesaid section? - 2. Whether, on the facts and in the circumstances of the case and on a proper interpretation of rule 6DD of the Income-tax Rules, 1962, read with Circular No. 220 dated 31 May, 1997, issued by the CBDT, the Tribunal was justified in upholding the disallowance of Rs. 4,83,000, in terms of sub-section (3) of section 40A of the Income-tax Act, 1961?" Thus, the two questions raised on behalf of the assessee are answered in the negative and in favour of the assessee.
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