Dismissing the appeal of the revenue the Court held that the Tribunal was right in upholding the order of the Commissioner (Appeals) deleting the disallowances on account of discount and rate difference and the disallowance made under S. 40A(2) of the Act . ( AY.2011-12)
PCIT v. Western Agri Seeds Ltd. (2020) 424 ITR 244/192 DTR 142/ 316 CTR 590 (Guj)(HC)
S. 40A(2): Expenses or payments not deductible – Excessive or unreasonable – Discount and rate difference- Deletion is held to be justified .