Cash purchase - Rule 6DD clearly exempts the agricultural ...

Paddy Exempt from Cash Purchase Limits u/r 6DD; Revenue Can't Challenge Assessee's Pricing Without Market Rate Evidence.

October 13, 2017

Case Laws Income Tax HC

Cash purchase - Rule 6DD clearly exempts the agricultural produce paddy from the rigours of section 40A(3) - And on the pricing, the Revenue has no ground to suspect or disbelieve the assessee’ claim, for it has not ascertained the market rate prevailing then - HC

View Source

← Previous Next →

Cash purchase - Rule 6DD clearly exempts the agricultural ...

Paddy Exempt from Cash Purchase Limits u/r 6DD; Revenue Can't Challenge Assessee's Pricing Without Market Rate Evidence.

October 13, 2017

Case Laws Income Tax HC

You may also like:

Addition u/s 40A - purchases in cash in excess of ₹ 20,000/ - case of the assessee that all the cash purchase are fully covered under Rule 6DD(e)(ii) of the Income...

Levy of penalty u/ss 271D and 271E was challenged - default u/ss 269SS and 269T - assessee received and repaid cash loans from directors and related concerns - assessee...

Bogus purchase - The supplier parties to whom cheque payments were made for purchases booked in books of account, returns the corresponding cash back to the assessee...

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

Addition u/s 40A(3) - cash purchases of petrol - Assessee was in the habit of purchasing petrol regularly - Assessee has not produced any documentary evidences to...

Addition u/s.40A(3) - Purchases made in Cash - assessee has purchased gold and silver through staff at villages, on Sunday/bank holidays, exchange value of old gold and...

Unexplained jewellery u/s 69A - mere purchase bills are not sufficient to explain the source of purchase of silver items where such purchases are made in cash and in...

Disallowance of Expenses u/s. 40(a)(ia) - Non deduction of TDS on commission - Pricing mechanism fixed by the Government of India, it is clear that the assessee has...

Scope of limited scrutiny - cash deposits in the Bank accounts being more than the turnover - The impugned addition made by the AO on account of profit allegedly earned...

Comparable selection for determining arm's length price (ALP) adjustment. Appeals limited to including or excluding certain uncontrolled entities as comparables...

The ITAT partially allowed the taxpayer's appeal concerning comparable selection for transfer pricing adjustments. The Tribunal excluded Tata Elxsi Limited (significant...

Input tax credit - purchase of motor vehicles i.e. cash carry vans - ITC is not available to CMS Info Systems Limited on purchase of motor vehicles i.e. cash carry vans,...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

Addition u/s 56(2)(viia) - purchase of shares at price more than its fair market value - The tribunal extensively reviewed the submissions and evidence presented,...

Quick Updates: