1996 (9) TMI 53

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....on under section 256(1) of the Income-tax Act, 1961 (for short " the Act "), at the instance of the Revenue and the following question of law has been referred for answer by this court : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in deleting the disallowance of Rs. 48,85 which had been made by the Income-tax Officer under section 40A(3) of t....

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....nt case, such is not the case. Therefore, construing this provision, the Tribunal has allowed the deduction as claimed by the assessee. Shri Tankha, learned counsel for the Revenue, submitted that if 10 transactions in a sum of Rs. 2,500 are permitted on the same day with the same party, then it would amount to defeating the purpose of the provision and its object of check on transactions in sums....