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TMI Blog2001 (5) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing questions for our opinion : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the disallowance of Rs. 36,166 representing the value of absolete stores written off ? 2. Whether, on the facts and in the circumstances of the case and having regard to rule 6DD(j) of the Income-tax Rules, 1962, the Tribunal was right in confirming the disall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax (Appeals) as well as the Tribunal also found that no details are filed as to what exactly are the items that became obsolete which can be written off. Before us the assessee has submitted that he has filed the details of the items though that has not been made part of the paper book but as he has produced before us a paper wherein it is mentioned in 1977 tea chests-Rs. 36,166. How many tea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of Venkata Satyanarayana Timber Depot v. CIT [1987] 165 ITR 253, and also the decision of this court in the case of Giridharilal Goenka v. CIT [1989] 179 ITR 122. Circular No. 220, dated May 31, 1977, of the Board provides, inter alia, that transactions are made at a place where either the purchaser or the seller does not have a bank account. In that case, the payment in cash can be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y account payee cheque or demand draft is additional requirement under section 40A(3). If we follow the view that the payment is genuine, then that should not be disallowed. In that case the provision of section 40A(3) will become redundant. Therefore, unless there are unavoidable circumstances for payment in cash that payment will be hit by the provision of section 40 A(3). The finding of the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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