The Income Tax Appellate Tribunal (ITAT), Pune Bench held that the Overwhelming Genuine Business Transactions cannot be Disallowed under section 40(3) Income Tax Act 1961 where the overwhelming genuineness of assesse is proved. The appeal was filed by assesse Mr.vind Ramprashad Baheti engaged in sale of agricultural products, challenging the action of CIT(A) in confirming…
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