Assessee, a partner in Daurau Farms LLP engaged in sale of farm ...

Daurau Farms LLP partner paid Rs. 30L cash for cows from firm's sales. Revenue doubted, made addition. ITAT accepted explanation, deleted addition.

Case Laws Income Tax

July 10, 2024

Assessee, a partner in Daurau Farms LLP engaged in sale of farm fresh milk, paid Rs. 30 lakhs in three installments of Rs. 10 lakhs each to Mr. Deepak for purchasing cows. Assessee explained cash was paid from firm's cash sales and bank receipts. Revenue doubted transactions and made addition u/s 69C. ITAT accepted assessee's explanation, holding addition based on suspicion alone. Directed Assessing Officer to delete addition. Assessee's appeal allowed.

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Assessee, a partner in Daurau Farms LLP engaged in sale of farm ...

Daurau Farms LLP partner paid Rs. 30L cash for cows from firm's sales. Revenue doubted, made addition. ITAT accepted explanation, deleted addition.

Case Laws Income Tax

July 10, 2024

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