https://www.taxtmi.com/caselaws?id=282989 ITAT Kolkata held that disallowance under section 40A(3) could not be sustained where purchases were supported by deposit slips, the payments were made under a regulated liquor licensing arrangement, and the transactions fell within the Rule 6DD exceptions. The Tribunal accepted that the genuineness of the purchases was not in doubt and that deposit of sale consideration before lifting goods was required by the commercial system in which the assessee operated. As the Revenue showed no change in facts or law and did not distinguish the earlier relied-on decision, the deletion of the disallowance was upheld in favour of the assessee. en-us Fri, 26 Oct 2018 00:00:00 +0530 Mon, 02 Sep 2019 17:38:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282989 ITAT Kolkata held that disallowance under section 40A(3) could not be sustained where purchases were supported by deposit slips, the payments were made under a regulated liquor licensing arrangement, and the transactions fell within the Rule 6DD exceptions. The Tribunal accepted that the genuineness of the purchases was not in doubt and that deposit of sale consideration before lifting goods was required by the commercial system in which the assessee operated. As the Revenue showed no change in facts or law and did not distinguish the earlier relied-on decision, the deletion of the disallowance was upheld in favour of the assessee. Case-Laws Income Tax Fri, 26 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282989