2022 (3) TMI 162

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....dents Through: Mr. Pragati Aneja Sharma, Mr. Prayas Aneja & Mr. Sharad Besoya, Advocates [Physical Hearing/Hybrid Hearing (as per request)] RAJIV SHAKDHER, J.: (ORAL) CM APPL. 10375/2022 1. Allowed, subject to just exceptions. ITA 31/2022 2. This is an appeal directed against the order dated 21.01.2021, passed by the Income Tax Appellate Tribunal (in short 'the Tribunal') in ITA ....

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....l of land in Ghaziabad, Uttar Pradesh and in Bhiwadi, Rajasthan. Cash to the extent of Rs. 10,00,000/- out of a total amount of Rs. 3.36 crores was paid in one case and another tranche of Rs. 10,00,000/- out of Rs. 12.87 crores was paid in the other case. Besides this, Rs. 2,88,072/- was also disallowed under Section 14A of the Act. The assessment order was passed under Section 143(3) of the Act, ....

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.... appellant is that Rs. 20,00,000/- had to be paid in cash as the transaction had to be closed and the money was required to be paid on a Sunday, when the Bank was closed. The fact that a Bank holiday was a good enough reason was sought to be supported by the counsel for the appellant by relying upon Rule 6DD(j) of the Income Tax Rules, 1962, which reads as follows: "6DD. No disallowance u....

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....t would not apply in the appellant's case, when the land is reflected as a "non current investment" in the audited financial statements and is, consequently, not claimed as an expenditure in the Profit and Loss Account. 6. We had asked the learned counsel for the appellant as to whether any agreement to sell was executed between the parties prior to the sale. 6.1. However, counsel for the ap....