https://www.taxtmi.com/caselaws?id=151946 The Tribunal ruled in favor of the assessee in a tax appeal case. Firstly, the disallowance under section 40A(3) of the Income Tax Act was overturned as the Tribunal clarified that the provision applies to individual payments exceeding Rs. 10,000 at any one time, not the sum total of payments made to a person in a day. Therefore, the disallowance of Rs. 7,15,650 was deleted. Secondly, the disallowance of losses claimed in relation to coconut oil and edible oil account was also rejected as the assessee had the discretion to value closing stock at cost price or sale price, whichever was lower. en-us Fri, 23 Aug 2002 00:00:00 +0530 Thu, 20 Jun 2013 10:36:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151946 The Tribunal ruled in favor of the assessee in a tax appeal case. Firstly, the disallowance under section 40A(3) of the Income Tax Act was overturned as the Tribunal clarified that the provision applies to individual payments exceeding Rs. 10,000 at any one time, not the sum total of payments made to a person in a day. Therefore, the disallowance of Rs. 7,15,650 was deleted. Secondly, the disallowance of losses claimed in relation to coconut oil and edible oil account was also rejected as the assessee had the discretion to value closing stock at cost price or sale price, whichever was lower. Case-Laws Income Tax Fri, 23 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151946