SC upholds Section 40A(3) cash transaction rules, rejects petition lacking proof of syndicate representation The SC dismissed the Special Leave Petition challenging the HC's decision adding cash transactions under Section 40A(3). The assessee failed to prove ...
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The SC dismissed the Special Leave Petition challenging the HC's decision adding cash transactions under Section 40A(3). The assessee failed to prove representation of a syndicate or collection of cash from syndicate members for payment. The Tribunal rightly held that no exceptional circumstances justified cash payment exempting Section 40A(3). The Court found no reason to interfere with the HC's order.
This Order records that the Court, after hearing counsel and perusal of records, "Delay condoned." The Court determined there was "no reason to interfere with the impugned order passed by the High Court" and therefore that the "Special Leave Petition is, accordingly, dismissed." All pending applications stand disposed of. The dispositive reasoning is summary: on the materials before it, the Court found the High Court's order unimpeachable and declined to exercise its discretionary jurisdiction to grant special leave. Procedural relief was limited to condonation of delay; no substantive alteration of the High Court's decision was made. The Order is final in respect of the petition and any associated applications.
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