https://www.taxtmi.com/caselaws?id=242696 The Tribunal allowed the Assessee's appeal, finding no grounds for disallowance under s. 40A(2)(b) of the IT Act 1961. The Tribunal emphasized the need for the AO to determine excessive payment based on fair market value, which was not done in this case. The Tribunal considered the Assessee's arguments regarding the cost of production and lack of evidence from the Revenue, ultimately concluding that the addition made by the AO was unwarranted. en-us Fri, 05 Jul 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:48:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242696 The Tribunal allowed the Assessee's appeal, finding no grounds for disallowance under s. 40A(2)(b) of the IT Act 1961. The Tribunal emphasized the need for the AO to determine excessive payment based on fair market value, which was not done in this case. The Tribunal considered the Assessee's arguments regarding the cost of production and lack of evidence from the Revenue, ultimately concluding that the addition made by the AO was unwarranted. Case-Laws Income Tax Fri, 05 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242696