2006 (10) TMI 79

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....iness is located in a place in the city of Belgaum to which the growers of the cashew nuts normally come and sell their products. For the year 1992-93, the assessing authority added a sum of Rs. 16,05,000 by invoking the provisions of section 40A(3) of the Income-tax Act, 1961 (for short, "the Act"). These payments were issued to M/s. Abhiruchi Departmental Stores. The assessing authority, noticing various cash payments contrary to the provisions of law, has chosen to proceed against the appellant. Aggrieved by the same, the appellant filed an unsuccessful appeal before the Com missioner. The order of the Commissioner was subsequently confirmed by the Tribunal. In these circumstances, the assessee is, therefore, before us in this appeal. ....

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....acts has chosen to hold that no acceptable reason is shown to the authorities in terms of rule 6 of the rules. In that view of the matter, the assessing authority passed an adverse order. The same was challenged before the appellate authority. The appellate authority noticed the material facts, including the statement made by the assessee in the case on hand. After noticing the factual aspects of the matter, the appellate authority has chosen to partly allow the appeal. When the same was challenged before the Tribunal, the Tribunal after referring to various aspects of the matter has chosen to say that rule 6 is not available to the assessee. In the light of the argument once again we have seen the order of the Tribunal. 6. From the mate....