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2014 (1) TMI 1847 - HC - Income TaxAddition u/s 40A - cash transaction exceeding permissible limit - Held that:- Considering the magnitude of the transactions of cash amount exceeding ₹ 20,000/-, both the authorities rightly observed verification was neither practicable nor was done by the Assessing Officer in each and every case. Being satisfied that substantiating the claim, cogent evidences were relied upon by both the authorities to conclude that the purchases were made from agriculturists as also through common agents, we hold that the case of respondent was correctly held to be falling under exception provided under clause (e) and (k) of Rule 6DD of Income Tax Rules. The assessee had disclosed additional income on account of violation of section 40A(3) and addition of ₹ 15 lacs has already therefore been retained in view of the statement made before the authority, we see no reason to interfere in absence of any question of law much less substantial question of law arising in these Tax Appeals.
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