2003 (5) TMI 56

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....ub-broker and engaged in purchase and sale of shares and debentures, etc. He was found to have made some cash payments exceeding Rs. 10,000 to the tune of Rs. 5,10,921 in violation of the provisions of section 40A(3) of the Income-tax Act read with rule 6DD. Though he explained his position but the Income-tax Officer felt dissatisfied and ordered addition of Rs. 5,10,921 for the assessment year 19....

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.... Tribunal leading to passing of the impugned order dated November 27, 2000 keeping the addition intact. While doing so, the Tribunal referred to the clarifications issued by the Central Board of Direct Taxes in terms of rule 6DD(j) read with section 40A(3) and noted that no evidence or material was placed on record to show that the case fell within the exceptions contemplated by the Central Board ....

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....rties confirming the transactions. These parties were also identifiable and their letters of confirmation are also on record. Neither the transactions are disputed by the Revenue nor the identity of parties. In other words, the genuineness of these transactions is not doubted or called in question. Nor is it anybody's case that any steps were taken by the Revenue to go into the genuineness or othe....