https://www.taxtmi.com/caselaws?id=417586 The High Court upheld the Tribunal's decision, dismissing the Revenue's appeal regarding the interpretation of Section 40A(3) of the Income Tax Act, 1961 on deduction for raw hide purchases exceeding a certain amount. The Court accepted the genuineness of transactions based on provided documents, emphasizing the lack of contrary evidence and proper maintenance of stock registers by the assessee. The Court also referenced relevant case law and upheld the Tribunal's decision, answering substantial questions of law against the Revenue and dismissing the stay application. en-us Fri, 07 Jan 2022 00:00:00 +0530 Fri, 29 Apr 2022 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417586 The High Court upheld the Tribunal's decision, dismissing the Revenue's appeal regarding the interpretation of Section 40A(3) of the Income Tax Act, 1961 on deduction for raw hide purchases exceeding a certain amount. The Court accepted the genuineness of transactions based on provided documents, emphasizing the lack of contrary evidence and proper maintenance of stock registers by the assessee. The Court also referenced relevant case law and upheld the Tribunal's decision, answering substantial questions of law against the Revenue and dismissing the stay application. Case-Laws Income Tax Fri, 07 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417586