https://www.taxtmi.com/caselaws?id=430743 The ITAT Kolkata dismissed the Revenue's appeal against the CIT(A)'s decision to delete the disallowance of cash purchases made by the assessee under section 40A(3) of the Income Tax Act. The Tribunal found that the assessee's cash purchases for talk-time stock from small distributors and retailers did not breach the Rs.20,000 threshold limit, as evidenced by thorough examination of financial records. Emphasizing compliance with statutory requirements, the ITAT upheld the CIT(A)'s ruling in favor of the assessee, highlighting the importance of factual findings in determining violations of tax provisions. en-us Mon, 21 Nov 2022 00:00:00 +0530 Sat, 26 Nov 2022 09:01:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430743 The ITAT Kolkata dismissed the Revenue's appeal against the CIT(A)'s decision to delete the disallowance of cash purchases made by the assessee under section 40A(3) of the Income Tax Act. The Tribunal found that the assessee's cash purchases for talk-time stock from small distributors and retailers did not breach the Rs.20,000 threshold limit, as evidenced by thorough examination of financial records. Emphasizing compliance with statutory requirements, the ITAT upheld the CIT(A)'s ruling in favor of the assessee, highlighting the importance of factual findings in determining violations of tax provisions. Case-Laws Income Tax Mon, 21 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430743