https://www.taxtmi.com/caselaws?id=12577 The High Court of Madras ruled in favor of the assessee, holding that the provisions of u/s 40A(2)(a) of the Income-tax Act, 1961 did not apply to the excessive price paid for gripe-water. The Commissioner and Tribunal found the price paid was not unduly high based on market value. The Court upheld the Tribunal's decision to delete the addition, stating it was not within its jurisdiction to reassess the facts already examined by lower authorities. en-us Mon, 11 Jun 2001 00:00:00 +0530 Wed, 20 May 2009 12:48:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12577 The High Court of Madras ruled in favor of the assessee, holding that the provisions of u/s 40A(2)(a) of the Income-tax Act, 1961 did not apply to the excessive price paid for gripe-water. The Commissioner and Tribunal found the price paid was not unduly high based on market value. The Court upheld the Tribunal's decision to delete the addition, stating it was not within its jurisdiction to reassess the facts already examined by lower authorities. Case-Laws Income Tax Mon, 11 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12577