Cash purchase of jewellary rightly disallowed as assessee failed to justify his compulsion for cash payment

IT: Where assessee made purchase of Jewellery worth Rs. 34.48 crores in cash by submitting that a group of bidders formed a syndicate and participated in auction and after successful bidding, money from prospective purchasers were collected and same was remitted to 'M' Ltd., since assessee could not demonstrate that he was representing any syndicate and, moreover, he also failed to demonstrate a situation which compelled him to make payment in cash, impugned disallowance made under section 40A(3

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