2000 (10) TMI 184

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..... grounds have been raised: 1. That on the facts, in totality of the circumstances identity of M/s Vineet Trading Corporation having been established, the payee being an existing assessee, maintain regular and proper books of accounts, the payments having been acknowledged, the payment having been made on demand and insistence, there being no evasion of tax by any one of the parties, genuineness .....

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..... s in both the firms, besides there being the same business being controlled and carried out from the same premises. The genuineness of payment having been accepted by the Department besides there being payment for outstanding balance brought forward from the earlier years. Since the payments are not for purchase made during the year, the proviso to s. 40A(3) of the IT Act is not applicable. Relian .....

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..... ntative. Reliance has been placed on the following decisions: (i) Naghilal vs. CIT (1987) 66 CTR (Raj) 109 : (1987) 167 ITR 139 (Raj); and (ii) Badrilal Phool Chand Rodawat vs. CIT (1987) 65 CTR (Raj) 306 : (1987) 167 ITR 404 (Raj) 4. Rival submissions have been heard, material on record and precedents relied upon have been considered carefully. From the copy of paper book filed at p. 16 by .....

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