https://www.taxtmi.com/caselaws?id=13526 The HC upheld the Tribunal's decision regarding the assessment year 2001-02, affirming the legitimacy of cash payments to shandy persons due to the nature of the business and dismissing the Revenue's appeal on this matter. The Tribunal had previously confirmed the disallowance of Rs. 28,36,000 for unexplained payments but remitted the issue for further substantiation by the Assessing Officer. The HC supported the Tribunal's ruling that the lack of creditor confirmation does not imply unaccounted money usage, and upheld the decision not to enhance the closing stock valuation. Appeals were dismissed without costs. en-us Mon, 05 Feb 2007 00:00:00 +0530 Sat, 03 Feb 2024 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13526 The HC upheld the Tribunal's decision regarding the assessment year 2001-02, affirming the legitimacy of cash payments to shandy persons due to the nature of the business and dismissing the Revenue's appeal on this matter. The Tribunal had previously confirmed the disallowance of Rs. 28,36,000 for unexplained payments but remitted the issue for further substantiation by the Assessing Officer. The HC supported the Tribunal's ruling that the lack of creditor confirmation does not imply unaccounted money usage, and upheld the decision not to enhance the closing stock valuation. Appeals were dismissed without costs. Case-Laws Income Tax Mon, 05 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13526