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Cash-payment disallowance under section 40A(3) does not extend to overwhelmingly genuine business payments solely because they were made in cash. In the unorganised liquor trade, the cash component of sales receipts and the nature of supplier payments may explain cash expenditure. Although the claim that individual payments remained within the applicable daily statutory limit was rejected based on the assessment record, the supplier payments were treated as duly explained and genuine. The cash-expenditure disallowance was consequently deleted.
Cash-payment disallowance under section 40A(3) does not extend to overwhelmingly genuine business payments solely because they were made in cash. In the unorganised liquor trade, the cash component of sales receipts and the nature of supplier payments may explain cash expenditure. Although the claim that individual payments remained within the applicable daily statutory limit was rejected based on the assessment record, the supplier payments were treated as duly explained and genuine. The cash-expenditure disallowance was consequently deleted.
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TaxTMI 
TaxTMI 
of 4939 
