2007 (11) TMI 599

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....cheque or DD which attracts addition of 20 per cent under section 40A(3) of the Income-tax Act. Out of this amount, petitioner claimed that an amount of Rs. 3,52,943 and Rs. 4,74,971 were paid by the petitioner to the bank account of the suppliers who supplied goods to the petitioner who is a grocery merchant. Even though initially the claim was allowed by the Assessing Officer, he rectified it under section 154 and made addition under section 40A(3) for the payments made in cash in excess of Rs. 10,000. Against this, petitioner filed revision before the Commissioner, who rejected the same vide Ext. P6 order, which is under challenge in this O.P. 2. Heard counsel for the petitioner and standing counsel for the Income-tax Department. The cl....

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....948 (15 of 1948); (vii)the Industrial Credit and Investment Corporation of India Ltd.; (viii)the Industrial Development Bank of India established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964); (ix)the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963); (x )the Madras Industrial Investment Corporation Ltd., Madras; (xi)the Andhra Pradesh Industrial Development Corporation Ltd., Hyderabad; (xii)the Kerala State Industrial Development Corporation Ltd., Trivandrum; (xiii)the State Industrial and Investment Corporation of Maharashtra Ltd., Bombay; (xiv)the Punjab State Industrial Development Corporation Ltd., Chandigarh; (xv)the National Industrial Devel....