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1991 (8) TMI 5 - SC - Income Tax
Payments in cash exceeding a sum of ₹ 2,500 for some of the purchases of stock-in-trade. - the payments are not allowed as deductions in the computation of income under the head Profits and gains of business . The payments are held to be in contravention of the terms of section 40A (3) - validity of section 40A(3) - applicability of Section 40A(3) to payments made for acquiring stock-in-trade