ITR Volume 367 : Part 2 (Issue dated : 22-9-2014)

INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION

ONLINE EDITION

SUBJECT INDEX TO CASES REPORTED

HIGH COURTS

Capital gains --Long-term capital gains--Full value of consideration--Sale of property--Reference to Valuation Officer--Tribunal not to reject report without providing opportunity to Valuation Officer to be heard--Matter remanded--Wealth-tax Act, 1957, s. 24(5)--Income-tax Act, 1961, s. 50C(2)-- CIT v. Prabhu Steel Industries Ltd. (Bom) . . . 229

Income --Accrual of income--Interest on Kisan Vikas Patras--Kisan Vikas Patra Rules permitting premature encashment--Interest payable after one year--Effect of Circular No. 687, dated 19-8-1994--Kisan Vikas Patras purchased more than two and half years prior to accounting year relevant to assessment year 2007-08--Interest had accrued and was assessable in assessment year 2007-08--Income-tax Act, 1961--Kisan Vikas Patra Rules, 1988--Circular No. 687, dated 19-8-1994-- Sureshchandra M. Shah v. Asst. CIT (Guj) . . . 236

Reassessment --Notice--Objections--Merely extracting section 147 and saying reasons for reopening assessment are just and reasonable--Non-application of mind--Submissions made and points urged to be dealt with at least briefly--Assessing Officer to consider all pleas of assesseeand pass an order assigning reasons and findings--Income-tax Act, 1961, s. 148--Jeans Knit P. Ltd. v. Deputy CIT (No. 1 ) (Karn) . . . 218

----Notice--Reasons to believe that assessee wrongly claimed deduction under section 10B--Reasons based upon reasonable grounds including direct or circumstantial evidence--Belief entertained neither arbitrary nor irrational but on examination of facts--Whether statement obtained from employee under coercion or otherwise to be answered after enquiry--Notice valid--Income-tax Act, 1961, ss. 147, 148-- Jeans Knit P. Ltd. v. Deputy CIT (No. 2 ) (Karn) . . . 225

 

PRINT EDITION

ITR Volume 367 : Part 2 (Issue dated : 22-9-2014)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

HIGH COURTS

Appeal to Appellate Tribunal --Duty of Tribunal--Duty to follow decision of jurisdictional High Court--Income-tax Act, 1961, s. 254-- CIT v. Shah Ravindra Derogarh (Guj) . . . 223

----Powers of Tribunal--Power to rectify mistakes in its order--Delay in filing return--Application to Commissioner under section 119 to condone delay--Rejection of application--Tribunal correct in upholding order of Commissioner--Tribunal not correct in rectifying order and directing Commissioner to consider application--Income-tax Act, 1961, ss. 119, 254-- CITv. Shah Ravindra Derogarh (Guj) . . . 223

Business --Business income or income from house property--Building constructed on leasehold land--Lessee not owner of property--Income from building assessable as business income--Income-tax Act, 1961, ss. 28, 56-- CIT v. Smt. S. Premalata (T & AP) . . . 298

Business expenditure --Capital or revenue expenditure--Expenditure on construction of building on leasehold land--Revenue expenditure--Income-tax Act, 1961, s. 37-- CIT v. Smt. S. Premalata (T & AP) . . . 298

----Deduction only on actual payment--Sugar factory--Interest payable on purchase tax but not paid actually--Not deductible--Income-tax Act, 1961, s. 43B-- CIT v. Andhra Sugars Ltd.(T & AP) . . . 195

----Disallowance--Payments exceeding prescribed limit otherwise than by crossed cheque or crossed bank draft--Assessee placing proof of payment of consideration, in cash, in excess of prescribed limit, for its transaction to seller and latter admitting payment--No disallowance of such payment--Income-tax Act, 1961, s. 40A(3)--Income-tax Rules, 1962, r. 6DD-- Sri Laxmi Satyanarayana Oil Mill v. CIT (T & AP) . . . 200

Capital gains --Capital loss--Set-off of capital loss--Effect of section 10(38)--Loss on sale of capital assets covered by section 10(38)--Loss could not be set off against capital gains assessable under section 45--Income-tax Act, 1961, ss. 10(38), 45-- Kishorebhai Bhikhabhai Virani v. Asst. CIT (Guj) . . . 261

----Computation of capital gains--Reference to Departmental Valuation Officer--Sale of property in July 2005--Value of asset supplied by estimate of registered valuer--Consideration reflected in sale deed higher than valuation adopted by stamp valuation authority--Reference to Departmental Valuation Officer not justified--Income-tax Act, 1961, ss. 48, 55A-- CIT v. Gauranginiben S. Shodhan (Guj) . . . 238

Cash credit --Private limited company--Share application money--Genuineness and creditworthiness of transactions--Assessee unable to produce directors and principal officers of six shareholder companies--Tribunal merely reproducing order of Commissioner (Appeals) and affirming deletion of addition--Decision relied upon a co-ordinate Bench overturned by High Court --Matter remanded--Income-tax Act, 1961, s. 68-- CIT v. Navodaya Castles Pvt. Ltd. (Delhi) . . . 306

----Share application money--Burden of proof--Assessee must prove genuineness of credits and creditworthiness of depositors--Genuineness of transaction and creditworthiness of applicants proved--Amount not assessable under section 68--Income-tax Act, 1961, s. 68--CIT v. Vacmet Packaging (India) P. Ltd. (All) . . . 217

Charitable trust --Exemption--Condition precedent--Application of income for charitable purposes--Option under clause (2) of Explanation to section 11(1)--Option to accumulate 15 per cent. of income--Option exercised before last date for filing return--Mistake in figures rectified--Finding that rectification was genuine--Assessee entitled to exemption of entire income--Income-tax Act, 1961, s. 11-- CIT v. Industrial Extension Bureau (Guj) . . . 270

Company --Book profits--Depreciation--Assessee entitled to adopt rates as provided under Income-tax Rules in drawing profit and loss account--Assessing Officer--Not entitled to redraw profit and loss account--Income-tax Act, 1961, s. 115J(1)-- Deccan Tools Industries P. Ltd. v. CIT (AP) . . . 295

----Dividend--Deemed dividend--Loans to shareholders by closely held company--Scope of section 2(22)(e)--Recipient must be a shareholder--Income-tax Act, 1961, s. 2(22)(e)-- CITv. Impact Containers P. Ltd. (Bom) . . . 346

Dividend --Deemed dividend--Loan to shareholder--Company taking on rent premises owned by assessee-shareholder--Company incurring substantial expenditure on repair and renovation of premises--Asset of assessee may have enhanced in value by virtue of repairs and renovation--Not a case of advance or loan--Not a payment by company on behalf of assessee or for his individual benefit--No deemed dividend in shareholder’s hands--Income-tax Act, 1961, s. 2(22)(e)-- CIT v. Vir Vikram Vaid (Bom) . . . 365

Exemption --Educational institution--Condition precedent--Institution having other objects--Does not mean institution not existing solely for educational purposes--Prescribed authority not considering conditions stipulated in section 10(23C)(vi)--Prescribed authority considered findings of Assessing Officer which were set aside in appeal--Order refusing approval of exemption not sustainable--Income-tax Act, 1961, s. 10(23C)(vi)-- Simpkins School v.Director General of Income-tax (Investigation)
(All) . . . 335

Income from undisclosed sources --Firm--Claim that amounts shown in accounts represented contributions by partners--No evidence that partners had independent sources of income--Concurrent finding by Assessing Officer, Commissioner (Appeals) and Tribunal that amount belonged to firm--Addition of amount in income of firm--Justified--Income-tax Act, 1961-- Mukand Cold Storage v. CIT (P&H) . . . 281

Industrial undertaking --Special deduction under section 80-IB --Condition precedent--Filing of audit report in Form 10CCB--Form 10CCB cannot be filed for first time before High Court in an appeal under section 260A--Assessee not entitled to deduction under section 80-IB--Income-tax Act, 1961, ss. 80-IB, 260A-- Panasonic Energy India Co. Ltd. v. Asst. CIT (Guj) . . . 245

Kar Vivad Samadhan Scheme --Commissioner is designated authority as well as authority prescribed to hear revision filed by assessee--Commissioner knowing fully well that revision application pending before him taking up revision first and dismissing it--Commissioner refusing to extending benefit under Scheme citing dismissal--Dismissal of revision not basis to deny benefit under Scheme--Finance (No. 2) Act, 1998--Income-tax Act, 1961, s. 264(3)--East India Petroleum Ltd. v. CIT (T & AP) . . . 293

Non-resident --Income deemed to accrue or arise in India--Electronic distribution services to travel industry--Profits attributable to India operations--High Court not approving reasoning of Tribunal that globalisation resulted or would result in change in attribution of profits--Determination of quantum of income attributable to India in case of assessee followed by High Court in earlier years--In absence of new data and facts on issue of profits attributable to India operations--Tribunal not justified in remitting matter to Assessing Officer by adopting globalisation and commercial test--Income-tax Act, 1961, s. 9(1)(i)-- Galileo Nederland BV v.Asst. Director of Income-tax (International Taxation) (Delhi) . . . 319

----Shipping--International traffic--Assessee charging freight from place inside India where goods picked up up to point of destination port--Income from inland haulage charges--Part of income derived from operation of ships--Not taxable--Double Taxation Avoidance Agreement between India and Belgium, art. 8(2)(b)(ii), (c)--Income-tax Act, 1961, s. 44B-- Director of Income-tax (International Taxation) v. Safmarine Container Lines NV (Bom) . . . 209

Precedent --Binding nature of judgment of jurisdictional High Court-- CIT v. Universal Medicare P. Ltd. [2010] 324 ITR 263 decided correctly--Decision binding on Bombay High Court-- CIT v. Impact Containers P. Ltd. (Bom) . . . 346

----Effect of Supreme Court decision in CIT v. Harprasad and Co. P. Ltd. [1975] 99 ITR 118 (SC)-- Kishorebhai Bhikhabhai Virani v. Asst. CIT (Guj) . . . 261

Reassessment --Notice--Validity--Information and subsequent enquiry showing expenditure shown in accounts false--Notice of reassessment--Valid--Income-tax Act, 1961, ss. 147, 148-- Chokhani Brother v. Joint CIT (All) . . . 230

----Notice--Validity--Notice issued but proceedings dropped due to technical reasons--Second notice could be issued--Income-tax Act, 1961, ss. 147, 148-- Chokhani Brother v.Joint CIT (All) . . . 230

----Notice--Validity--Reasons for notice recorded--Question regarding rate of depreciation on meters and capacitors not considered in original assessment--Notice to withdraw excess depreciation--Valid--Income-tax Act, 1961, ss. 32, 147, 148-- Torrent Power Sec Ltd. v. Asst. CIT (Guj) . . . 276

----Notice--Validity--Validity to be determined with reference to recorded reasons--Exemption from capital gains granted under section 54 in original assessment--Notice to withdraw exemption under section 54E--Reference to section 54E in notice not a typographical error--Notice not valid--Income-tax Act, 1961, ss. 54, 54E, 147, 148-- Dhruv Parulbhai Patel v.Asst. CIT (Guj) . . . 234

Recovery of tax --Recovery from director of private company--Condition precedent--Revenue must establish that recovery could not be made from company--Income-tax Act, 1961, s. 179-- Suresh Narain Bhatnagar v. ITO (Guj) . . . 254

----Recovery from director of private company--Plea that company was deemed to be a public company--Plea not considered--Recovery proceedings under section 179--Not justified--Income-tax Act, 1961, s. 179-- Suresh Narain Bhatnagar v. ITO (Guj) . . . 254

Revision --Commissioner--Industrial undertaking--Special deduction--Small scale industrial undertaking--Assessee satisfying conditions in initial year--Entitled to benefit for ten consecutive assessment years--Cannot be denied benefit on ground it ceased to be a small scale undertaking--Revision not justified--Income-tax Act, 1961, ss. 80-IB, 263-- ACE Multi Axes Systems Ltd. v. Deputy CIT (Karn) . . . 266

Search and seizure --Block assessment--Undisclosed income--Payment of advance tax--Does not absolve assessee of obligation to file return disclosing total income for relevant assessment year--Income can be treated as undisclosed--Income-tax Act, 1961, s. 154BH--CIT v. Vimal Chand Jain (T & AP) . . . 290

 

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Double Taxation Avoidance Agreement between India and Belgium :

Art. 8(2)(b)(ii), (c) --Non-resident--Shipping--International traffic--Assessee charging freight from place inside India where goods picked up up to point of destination port--Income from inland haulage charges--Part of income derived from operation of ships--Not taxable--Director of Income-tax (International Taxation) v. Safmarine Container Lines NV (Bom) . . . 209

Income-tax Act, 1961 :

S. 2(22)(e) --Company--Dividend--Deemed dividend--Loans to shareholders by closely held company--Scope of section 2(22)(e)--Recipient must be a shareholder-- CIT v. Impact Containers P. Ltd. (Bom) . . . 346

----Dividend--Deemed dividend--Loan to shareholder--Company taking on rent premises owned by assessee-shareholder--Company incurring substantial expenditure on repair and renovation of premises--Asset of assessee may have enhanced in value by virtue of repairs and renovation--Not a case of advance or loan--Not a payment by company on behalf of assessee or for his individual benefit--No deemed dividend in shareholder’s hands-- CITv. Vir Vikram Vaid (Bom) . . . 365

S. 9(1)(i) --Non-resident--Income deemed to accrue or arise in India--Electronic distribution services to travel industry--Profits attributable to India operations--High Court not approving reasoning of Tribunal that globalisation resulted or would result in change in attribution of profits--Determination of quantum of income attributable to India in case of assessee followed by High Court in earlier years--In absence of new data and facts on issue of profits attributable to India operations--Tribunal not justified in remitting matter to Assessing Officer by adopting globalisation and commercial test-- Galileo Nederland BV v. Asst. Director of Income-tax (International Taxation) (Delhi) . . . 319

S. 10(23C)(vi) --Exemption--Educational institution--Condition precedent--Institution having other objects--Does not mean institution not existing solely for educational purposes--Prescribed authority not considering conditions stipulated in section 10(23C)(vi)--Prescribed authority considered findings of Assessing Officer which were set aside in appeal--Order refusing approval of exemption not sustainable-- Simpkins School v. Director General of Income-tax (Investigation) (All) . . . 335

S. 10(38) --Capital gains--Capital loss--Set-off of capital loss--Effect of section 10(38)--Loss on sale of capital assets covered by section 10(38)--Loss could not be set off against capital gains assessable under section 45-- Kishorebhai Bhikhabhai Virani v. Asst. CIT (Guj) . . . 261

S. 11 --Charitable trust--Exemption--Condition precedent--Application of income for charitable purposes--Option under clause (2) of Explanation to section 11(1)--Option to accumulate 15 per cent. of income--Option exercised before last date for filing return--Mistake in figures rectified--Finding that rectification was genuine--Assessee entitled to exemption of entire income-- CIT v. Industrial Extension Bureau (Guj) . . . 270

S. 28 --Business--Business income or income from house property--Building constructed on leasehold land--Lessee not owner of property--Income from building assessable as business income-- CIT v. Smt. S. Premalata (T & AP) . . . 298

S. 32 --Reassessment--Notice--Validity--Reasons for notice recorded --Question regarding rate of depreciation on meters and capacitors not considered in original assessment--Notice to withdraw excess depreciation--Valid-- Torrent Power Sec Ltd. v. Asst. CIT (Guj) . . . 276

S. 37 --Business expenditure--Capital or revenue expenditure--Expenditure on construction of building on leasehold land--Revenue expenditure-- CIT v. Smt. S. Premalata (T & AP) . . . 298

S. 40A(3) --Business expenditure--Disallowance--Payments exceeding prescribed limit otherwise than by crossed cheque or crossed bank draft--Assessee placing proof of payment of consideration, in cash, in excess of prescribed limit, for its transaction to seller and latter admitting payment--No disallowance of such payment-- Sri Laxmi Satyanarayana Oil Mill v. CIT (T & AP) . . . 200

S. 43B --Business expenditure--Deduction only on actual payment--Sugar factory--Interest payable on purchase tax but not paid actually--Not deductible-- CIT v. Andhra Sugars Ltd. (T & AP) . . . 195

S. 44B --Non-resident--Shipping--International traffic--Assessee charging freight from place inside India where goods picked up up to point of destination port--Income from inland haulage charges--Part of income derived from operation of ships--Not taxable-- Director of Income-tax (International Taxation) v. Safmarine Container Lines NV (Bom) . . . 209

S. 45 --Capital gains--Capital loss--Set-off of capital loss--Effect of section 10(38)--Loss on sale of capital assets covered by section 10(38)--Loss could not be set off against capital gains assessable under section 45-- Kishorebhai Bhikhabhai Virani v. Asst. CIT (Guj) . . . 261

S. 48 --Capital gains--Computation of capital gains--Reference to Departmental Valuation Officer--Sale of property in July 2005--Value of asset supplied by estimate of registered valuer--Consideration reflected in sale deed higher than valuation adopted by stamp valuation authority--Reference to Departmental Valuation Officer not justified-- CIT v. Gauranginiben S. Shodhan (Guj) . . . 238

S. 54 --Reassessment--Notice--Validity--Validity to be determined with reference to recorded reasons--Exemption from capital gains granted under section 54 in original assessment--Notice to withdraw exemption under section 54E--Reference to section 54E in notice not a typographical error--Notice not valid-- Dhruv Parulbhai Patel v. Asst. CIT (Guj) . . . 234

S. 54E --Reassessment--Notice--Validity--Validity to be determined with reference to recorded reasons--Exemption from capital gains granted under section 54 in original assessment--Notice to withdraw exemption under section 54E--Reference to section 54E in notice not a typographical error--Notice not valid-- Dhruv Parulbhai Patel v. Asst. CIT (Guj) . . . 234

S. 55A --Capital gains--Computation of capital gains--Reference to Departmental Valuation Officer--Sale of property in July 2005--Value of asset supplied by estimate of registered valuer--Consideration reflected in sale deed higher than valuation adopted by stamp valuation authority--Reference to Departmental Valuation Officer not justified-- CIT v. Gauranginiben S. Shodhan (Guj) . . . 238

S. 56 --Business--Business income or income from house property--Building constructed on leasehold land--Lessee not owner of property--Income from building assessable as business income-- CIT v. Smt. S. Premalata (T & AP) . . . 298

S. 68 --Cash credit--Private limited company--Share application money--Genuineness and creditworthiness of transactions--Assessee unable to produce directors and principal officers of six shareholder companies--Tribunal merely reproducing order of Commissioner (Appeals) and affirming deletion of addition--Decision relied upon a co-ordinate Bench overturned by High Court --Matter remanded-- CIT v. Navodaya Castles Pvt. Ltd. (Delhi) . . . 306

----Cash credit--Share application money--Burden of proof--Assessee must prove genuineness of credits and creditworthiness of depositors--Genuineness of transaction and creditworthiness of applicants proved--Amount not assessable under section 68-- CIT v.Vacmet Packaging (India) P. Ltd. (All) . . . 217

S. 80-IB --Industrial undertaking--Special deduction under section 80-IB --Condition precedent--Filing of audit report in Form 10CCB--Form 10CCB cannot be filed for first time before High Court in an appeal under section 260A--Assessee not entitled to deduction under section 80-IB-- Panasonic Energy India Co. Ltd. v. Asst. CIT (Guj) . . . 245

----Revision--Commissioner--Industrial undertaking--Special deduction--Small scale industrial undertaking--Assessee satisfying conditions in initial year--Entitled to benefit for ten consecutive assessment years--Cannot be denied benefit on ground it ceased to be a small scale undertaking--Revision not justified-- ACE Multi Axes Systems Ltd. v. Deputy CIT (Karn) . . . 266

S. 115J(1) --Company--Book profits--Depreciation--Assessee entitled to adopt rates as provided under Income-tax Rules in drawing profit and loss account--Assessing Officer--Not entitled to redraw profit and loss account-- Deccan Tools Industries P. Ltd. v. CIT (AP) . . . 295

S. 119 --Appeal to Appellate Tribunal--Powers of Tribunal--Power to rectify mistakes in its order--Delay in filing return--Application to Commissioner under section 119 to condone delay--Rejection of application--Tribunal correct in upholding order of Commissioner--Tribunal not correct in rectifying order and directing Commissioner to consider application-- CIT v.Shah Ravindra Derogarh (Guj) . . . 223

S. 147 --Reassessment--Notice--Validity--Information and subsequent enquiry showing expenditure shown in accounts false--Notice of reassessment--Valid-- Chokhani Brother v.Joint CIT (All) . . . 230

----Reassessment--Notice--Validity--Notice issued but proceedings dropped due to technical reasons--Second notice could be issued-- Chokhani Brother v. Joint CIT (All) . . . 230

----Reassessment--Notice--Validity--Reasons for notice recorded --Question regarding rate of depreciation on meters and capacitors not considered in original assessment--Notice to withdraw excess depreciation--Valid-- Torrent Power Sec Ltd. v. Asst. CIT (Guj) . . . 276

----Reassessment--Notice--Validity--Validity to be determined with reference to recorded reasons--Exemption from capital gains granted under section 54 in original assessment--Notice to withdraw exemption under section 54E--Reference to section 54E in notice not a typographical error--Notice not valid-- Dhruv Parulbhai Patel v. Asst. CIT (Guj) . . . 234

S. 148 --Reassessment--Notice--Validity--Information and subsequent enquiry showing expenditure shown in accounts false--Notice of reassessment--Valid-- Chokhani Brother v.Joint CIT (All) . . . 230

----Reassessment--Notice--Validity--Notice issued but proceedings dropped due to technical reasons--Second notice could be issued-- Chokhani Brother v. Joint CIT (All) . . . 230

----Reassessment--Notice--Validity--Reasons for notice recorded--Question regarding rate of depreciation on meters and capacitors not considered in original assessment--Notice to withdraw excess depreciation--Valid-- Torrent Power Sec Ltd. v. Asst. CIT (Guj) . . . 276

----Reassessment--Notice--Validity--Validity to be determined with reference to recorded reasons--Exemption from capital gains granted under section 54 in original assessment--Notice to withdraw exemption under section 54E--Reference to section 54E in notice not a typographical error--Notice not valid-- Dhruv Parulbhai Patel v. Asst. CIT (Guj) . . . 234

S. 154BH --Search and seizure--Block assessment--Undisclosed income--Payment of advance tax--Does not absolve assessee of obligation to file return disclosing total income for relevant assessment year--Income can be treated as undisclosed-- CIT v. Vimal Chand Jain (T & AP) . . . 290

S. 179 --Recovery of tax--Recovery from director of private company--Condition precedent--Revenue must establish that recovery could not be made from company-- Suresh Narain Bhatnagar v. ITO (Guj) . . . 254

----Recovery of tax--Recovery from director of private company--Plea that company was deemed to be a public company--Plea not considered--Recovery proceedings under section 179--Not justified-- Suresh Narain Bhatnagar v. ITO (Guj) . . . 254

S. 254 --Appeal to Appellate Tribunal--Duty of Tribunal--Duty to follow decision of jurisdictional High Court-- CIT v. Shah Ravindra Derogarh (Guj) . . . 223

----Appeal to Appellate Tribunal--Powers of Tribunal--Power to rectify mistakes in its order--Delay in filing return--Application to Commissioner under section 119 to condone delay--Rejection of application--Tribunal correct in upholding order of Commissioner--Tribunal not correct in rectifying order and directing Commissioner to consider application-- CIT v. Shah Ravindra Derogarh (Guj) . . . 223

S. 260A --Industrial undertaking--Special deduction under section 80-IB--Condition precedent--Filing of audit report in Form 10CCB--Form 10CCB cannot be filed for first time before High Court in an appeal under section 260A--Assessee not entitled to deduction under section 80-IB-- Panasonic Energy India Co. Ltd. v. Asst. CIT (Guj) . . . 245

S. 263 --Revision--Commissioner--Industrial undertaking--Special deduction--Small scale industrial undertaking--Assessee satisfying conditions in initial year--Entitled to benefit for ten consecutive assessment years--Cannot be denied benefit on ground it ceased to be a small scale undertaking--Revision not justified-- ACE Multi Axes Systems Ltd. v. Deputy CIT (Karn) . . . 266

S. 264(3) --Kar Vivad Samadhan Scheme--Commissioner is designated authority as well as authority prescribed to hear revision filed by assessee--Commissioner knowing fully well that revision application pending before him taking up revision first and dismissing it--Commissioner refusing to extending benefit under Scheme citing dismissal--Dismissal of revision not basis to deny benefit under Scheme--Finance (No. 2) Act, 1998-- East India Petroleum Ltd. v. CIT (T & AP) . . . 293

Income-tax Rules, 1962 :

R. 6DD--Business expenditure--Disallowance--Payments exceeding prescribed limit otherwise than by crossed cheque or crossed bank draft--Assessee placing proof of payment of consideration, in cash, in excess of prescribed limit, for its transaction to seller and latter admitting payment--No disallowance of such payment-- Sri Laxmi Satyanarayana Oil Mill v. CIT (T & AP) . . . 200