2009 (11) TMI 45

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..... powers under Section 263 of the Act set aside the order of the Assessing Officer on the ground that as per CBDT's circular No. 220 dated 31.5.1977 confirmation of concern party was required before benefit of Rule 6 DD (j) was allowed. – ITAT deleted the addition - It is clear from the above observations that the Assessing Officer had made necessary inquiries and confirmations were furnished to th .....

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..... assed by the C.I.T.?" 2. The assessee is engaged in sale and purchase of tractors and its spare parts, mainly required by agriculture sector. The Assessing Officer made assessment for the year in question but thereafter CIT exercising powers under Section 263 of the Act set aside the order of the Assessing Officer on the ground that as per CBDT's circular No. 220 dated 31.5.1977 confirmation of .....

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..... he Circular itself states that the circumstances narrated in paragraph 4 of the circular are not exhaustive but are illustrative and there could be cases other than those falling within the above categories, which would also meet the requirements of rule 6DD (j). Thus, it is seen that the cash payments made by the assessee were covered by rule 6DD (j) read with Board's circular No. 220 dated 30-5- .....

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