https://www.taxtmi.com/caselaws?id=417434 The High Court upheld the Assessing Officer's decision to disallow a sum under Section 40A(3) of the Income Tax Act, 1961, based on grey market purchases. Additionally, the Court affirmed the addition of outstanding credits as income under Section 41(1), rejecting the assessee's arguments. The Court also confirmed the levy of interest under Section 158BFA, directing a re-computation by the AO. The High Court's judgment favored the tax authorities' positions, citing relevant case law to support its decision. en-us Wed, 19 Jan 2022 00:00:00 +0530 Thu, 28 Apr 2022 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417434 The High Court upheld the Assessing Officer's decision to disallow a sum under Section 40A(3) of the Income Tax Act, 1961, based on grey market purchases. Additionally, the Court affirmed the addition of outstanding credits as income under Section 41(1), rejecting the assessee's arguments. The Court also confirmed the levy of interest under Section 158BFA, directing a re-computation by the AO. The High Court's judgment favored the tax authorities' positions, citing relevant case law to support its decision. Case-Laws Income Tax Wed, 19 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417434