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Hon'ble ITAT held that assessee failed to prove business expediency for cash purchases exceeding Rs. 20,000 hence disallowance u/s 40A(3) was justified. Cash deposits in bank account were treated as unexplained income as assessee couldn't prove source. Addition regarding license fee paid to Excise Department was set aside for verification by AO. Assessee's appeal partly allowed for statistical purposes.
Hon'ble ITAT held that assessee failed to prove business expediency for cash purchases exceeding Rs. 20,000 hence disallowance u/s 40A(3) was justified. Cash deposits in bank account were treated as unexplained income as assessee couldn't prove source. Addition regarding license fee paid to Excise Department was set aside for verification by AO. Assessee's appeal partly allowed for statistical purposes.
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