https://www.taxtmi.com/caselaws?id=76978 The High Court upheld the Tribunal's decision in a case concerning the interpretation of section 40A(3) of the Income-tax Act, 1961. The Court found that payments made through banking instruments like pay orders and banker's cheques were legitimate and fully accounted for, even though they were not through crossed cheques or demand drafts. The Court emphasized the importance of transactions through banking channels to prevent unaccounted dealings and ruled in favor of the assessee, dismissing the Revenue's appeal. en-us Thu, 22 Apr 2010 00:00:00 +0530 Mon, 13 Jun 2011 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76978 The High Court upheld the Tribunal's decision in a case concerning the interpretation of section 40A(3) of the Income-tax Act, 1961. The Court found that payments made through banking instruments like pay orders and banker's cheques were legitimate and fully accounted for, even though they were not through crossed cheques or demand drafts. The Court emphasized the importance of transactions through banking channels to prevent unaccounted dealings and ruled in favor of the assessee, dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 22 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76978