2017 (9) TMI 1672

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..... ke payment always in cheque. The Tribunal accepted such explanation. It appears from the record that the assessee was in the business of trading in waste paper, collecting it from traders and providing to factories for recycling. The Tribunal therefore, correctly held that the purchases made by the assessee from such small traders would often time be in cash. The assessee has thus offered proper e .....

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..... rom the fact that the Department has in its possession the seized material which clearly shows that the cash payments of above ₹ 20,000/were made for the purchases of waste paper and moreover, the assessee has himself admitted that 8090% of the purchases were made in cash which were deliberately broken down to less than ₹ 20,000/to avoid the provisions of section 40A(3)? 2. Having .....

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