https://www.taxtmi.com/caselaws?id=151665 The Tribunal allowed the assessee-firm's appeal, ruling that the disallowance under section 40A(3) of the Income Tax Act was unjustified. It held that the cash payments exceeding Rs. 20,000 on a single day were made under exceptional circumstances, with established payee identity and genuineness. The Tribunal emphasized the prospective nature of the 2008 amendment to section 40A(3) and highlighted the lack of evidence supporting the AO's claim of intentional payment splitting. The decision was based on a comprehensive analysis of relevant case laws and the factual context of the case. en-us Tue, 30 Jun 2009 00:00:00 +0530 Tue, 11 Jun 2013 15:34:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151665 The Tribunal allowed the assessee-firm's appeal, ruling that the disallowance under section 40A(3) of the Income Tax Act was unjustified. It held that the cash payments exceeding Rs. 20,000 on a single day were made under exceptional circumstances, with established payee identity and genuineness. The Tribunal emphasized the prospective nature of the 2008 amendment to section 40A(3) and highlighted the lack of evidence supporting the AO's claim of intentional payment splitting. The decision was based on a comprehensive analysis of relevant case laws and the factual context of the case. Case-Laws Income Tax Tue, 30 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151665