https://www.taxtmi.com/caselaws?id=332552 Cash deposits made into the wholesale licensee's bank account for purchase of country spirit were not hit by section 40A(3) because the payment was traceable, made under the prescribed excise regulatory scheme, the recipient was identified, and the transaction was genuine; the payment also fell within rule 6DD exceptions, so the disallowance was deleted. The addition for undisclosed bank balance was sustained because the assessee failed to explain satisfactorily the balance reflected in the bank account and not disclosed in the balance sheet, and no infirmity was found in the lower authorities' addition. en-us Wed, 10 Aug 2016 00:00:00 +0530 Tue, 20 Sep 2016 09:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332552 Cash deposits made into the wholesale licensee's bank account for purchase of country spirit were not hit by section 40A(3) because the payment was traceable, made under the prescribed excise regulatory scheme, the recipient was identified, and the transaction was genuine; the payment also fell within rule 6DD exceptions, so the disallowance was deleted. The addition for undisclosed bank balance was sustained because the assessee failed to explain satisfactorily the balance reflected in the bank account and not disclosed in the balance sheet, and no infirmity was found in the lower authorities' addition. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332552