https://www.taxtmi.com/caselaws?id=450363 The ITAT Visakhapatnam held that cash purchases of husk exceeding Rs. 20,000 per day from farmers cannot be disallowed under section 40A(3) read with Rule 6DD. The tribunal determined that since husk is agricultural produce and the AO did not dispute this fact, the transaction falls under the exemption provided in Clause (e) of Rule 6DD of the Income Tax Rules, 1962. The CIT(A)-NFAC's reliance on the SC decision in CIT vs. Cynamid India Ltd was noted in establishing husk as agricultural produce. The appeal was decided in favor of the assessee. en-us Thu, 29 Feb 2024 00:00:00 +0530 Mon, 04 Mar 2024 09:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450363 The ITAT Visakhapatnam held that cash purchases of husk exceeding Rs. 20,000 per day from farmers cannot be disallowed under section 40A(3) read with Rule 6DD. The tribunal determined that since husk is agricultural produce and the AO did not dispute this fact, the transaction falls under the exemption provided in Clause (e) of Rule 6DD of the Income Tax Rules, 1962. The CIT(A)-NFAC's reliance on the SC decision in CIT vs. Cynamid India Ltd was noted in establishing husk as agricultural produce. The appeal was decided in favor of the assessee. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450363