Genuine Business Transactions not covered under Section 40A(3)

Govind Ramprashad Baheti Vs ITO (ITAT Pune) The assessee admittedly runs Baba Ramdev Krishi Seva Kendra involving primarily rural customers engaged in agricultural activities. And that he carries out his business activities regarding sale of various agricultural products only. There is further no dispute that the recipient herein is also engaged in very line of business activities only. Coming to assessee’s former claim of Rs.50,000/, we note from a perusal of his paper book that he had deposited cash of Rs.50,000/- in bank; which in turn, was credited to the account of M/s. Subhash Fertiliz...