https://www.taxtmi.com/caselaws?id=361033 The ITAT Kolkata partly allowed the appeal, deleting the disallowance under section 40A(3) and restricting the additions related to undisclosed purchases and discrepancies in purchase amounts. The judgment considered exceptional circumstances justifying cash payments, leading to the deletion of the disallowance. The ITAT also limited the additions to a reconciled amount shown by the assessee, as discrepancies couldn't be fully explained. The assessment of business profit issue was not pursued during the hearing, focusing solely on disallowances and additions. en-us Wed, 23 May 2018 00:00:00 +0530 Mon, 28 May 2018 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361033 The ITAT Kolkata partly allowed the appeal, deleting the disallowance under section 40A(3) and restricting the additions related to undisclosed purchases and discrepancies in purchase amounts. The judgment considered exceptional circumstances justifying cash payments, leading to the deletion of the disallowance. The ITAT also limited the additions to a reconciled amount shown by the assessee, as discrepancies couldn't be fully explained. The assessment of business profit issue was not pursued during the hearing, focusing solely on disallowances and additions. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361033