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2008 (8) TMI 356 - HC - Income Tax
Payments made in cash to suppliers of hides and skins - The genuinity of the transactions, rate of gross profit or the fact that the bona fides of the assessee that payments are made to producers of hides and skins are neither doubted nor disputed by the Assessing Officer. On the basis of these facts it is not justified on the part of the Assessing Officer to disallow 20 per cent. of the payments under section 40A(3) in the process of assessment. – disallowance is not justified