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Cash Payments for Paddy Purchase Allowed as Transactions Fell Under Rule 6DD Exceptions
Case Law Details
- Case Name
- Bishnu Rice Mill Vs ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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Bishnu Rice Mill Vs ACIT (ITAT Kolkata)
The appeal concerned the disallowance of ₹14,08,50,854 under Section 40A(3) of the Income-tax Act in respect of cash payments exceeding ₹20,000 made for the purchase of paddy. The assessee, engaged in the business of operating a rice mill and producing rice and rice bran from paddy, challenged the order of the Commissioner of Income Tax (Appeals), which had confirmed the addition.
During scrutiny assessment, the Assessing Officer observed that the assessee had made cash payments aggregating to ₹14,08,50,854 to certain parties in excess of the presc...
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