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2008 (1) TMI 205 - HC - Income TaxPurchase of stock by making payments in cash exceeding specified limit mentioned in sec. 40A (3) – AO has also found that many other dealers who were purchasing goods from same persons made payments by crossed drafts to the said stockist – story of the assessee that he was asked by the stockists to pay in cash cannot be accepted – two or more payments can’t be split up in a single day – transaction appears to be fraudulent, so benefit of circular220, dated May 31, 1977 – disallowance upheld
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