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of <h1>India's SC dismisses Special Leave Petitions after delay, Judges Mr. Nariman and Ms. Malhotra</h1> The SC of India in 2018 dismissed the Special Leave Petitions after condoning the delay. Judges: Mr. Rohinton Fali Nariman and Ms. Indu Malhotra. - TMI Addition u/s 40A - Cash purchase - Whether the assessee’s transactions are exempted under Rule 6DD - Paddy Purchase - Held that:- SLP dismissed. HC order confirmed [2017 (10) TMI 597 - KERALA HIGH COURT] saying Section 40A(3) is a deeming provision; Rule 6DD clearly exempts the agricultural produce -paddy-from the rigours of section 40A(3) of the IT Act. As to the genuineness of purchases, the paddy quantity, believed by the Revenue for determining the yield, speaks volumes. 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. So we affirm the Tribunal’s findings on the disallowance: there should be no disallowance. The Supreme Court of India in 2018 dismissed the Special Leave Petitions after condoning the delay. Mr. Rohinton Fali Nariman and Ms. Indu Malhotra were the judges.
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