https://www.taxtmi.com/caselaws?id=64628 The Appellate Tribunal upheld the decision of the Appellate Assistant Commissioner, allowing the deduction under section 40(3) of the Income-tax Act for cash payments made by the commission agent to suppliers. The Tribunal recognized the business compulsion faced by the assessee in making cash payments, emphasizing the genuine nature of the transactions and the practical challenges of limited banking facilities. The decision highlighted the need to consider business realities and unavoidable circumstances in interpreting tax provisions related to cash transactions, particularly for small businesses in India. en-us Fri, 10 Jun 1977 00:00:00 +0530 Wed, 09 Feb 2011 10:53:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64628 The Appellate Tribunal upheld the decision of the Appellate Assistant Commissioner, allowing the deduction under section 40(3) of the Income-tax Act for cash payments made by the commission agent to suppliers. The Tribunal recognized the business compulsion faced by the assessee in making cash payments, emphasizing the genuine nature of the transactions and the practical challenges of limited banking facilities. The decision highlighted the need to consider business realities and unavoidable circumstances in interpreting tax provisions related to cash transactions, particularly for small businesses in India. Case-Laws Income Tax Fri, 10 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64628