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2016 (5) TMI 1502 - AT - Income TaxAddition u/s 40A - cash payments for the purchase of immovable properties (held as stock-in-trade) exceeding limits - HELD THAT:- Respectfully following the order of the Hon’ble High Court in the assessee’s own case for the assessment year 2009-10 [2015 (8) TMI 569 - PUNJAB & HARYANA HIGH COURT] the addition is deleted as held Tribunal has not disbelieved the transactions or the genuineness thereof. Nor has it disbelieved the fact of payments having been made. More important, the reasons furnished by the appellant for having made the cash payments, which we have already adverted to, have not been disbelieved. In our view, assuming these reasons to be correct, they clearly make out a case of business expediency. The order of the ld. CIT(A) is set aside and the grounds raised by the assessee are accepted.
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