https://www.taxtmi.com/caselaws?id=446098 ITAT Hyderabad allowed the assessee's appeal against addition under section 40A for cash purchases of movie satellite rights. The tribunal held that since revenue authorities did not dispute the genuineness of transactions and agreements with producers, and considering the volatile nature of movie industry requiring cash dealings, the addition was unjustified. The tribunal relied on precedents from Delhi HC and Calcutta HC, directing the Assessing Officer to delete the addition. en-us Fri, 08 Sep 2023 00:00:00 +0530 Sat, 25 Nov 2023 06:02:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446098 ITAT Hyderabad allowed the assessee's appeal against addition under section 40A for cash purchases of movie satellite rights. The tribunal held that since revenue authorities did not dispute the genuineness of transactions and agreements with producers, and considering the volatile nature of movie industry requiring cash dealings, the addition was unjustified. The tribunal relied on precedents from Delhi HC and Calcutta HC, directing the Assessing Officer to delete the addition. Case-Laws Income Tax Fri, 08 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446098