Section 40A(3) Expenses Allowed: Cash Payments Over Rs. 20,000 Justified by Principal-Agent Relationship in Stock Purchases.

Disallowance u/s 40A(3) - cash payments (in excess of ₹ 20,000 on each occasion) - purchase of its stock-in-trade (country liquor) - the relation between the assessee and vendor, both de facto and de jure, is one of "principal" and "agent" - expenses allowed - AT .....

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