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2020 (12) TMI 1061 - AT - Income TaxAdditions u/s 40A(3) - Purchase payments in cash in contravention to the provisions of section 40 A(3) - CIT (A) deleted the addition holding that the provisions of Section 40 A(3) are not attracted where the parties are identified and there is no material on record to doubt the genuineness of the payment. - HELD THAT:- The circular and judgments unequivocally intend at allowing the expenses owing to genuineness of the payment and contingency of the business. Hence, keeping in view the provisions of the Act, Rules and the judgments and having examined the issue and the peculiar facts and circumstances of the case, on finding that the assessee is merely facilitator and intermediary in the transaction and his receipts assessable to tax constitute the margin between the price obtained and further paid but not the entire receipts which stands further passed on to the two ticketing agencies, we hereby hold that the provisions u/ s 40A(3 ) are not attracted. - Decided against revenue.
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