https://www.taxtmi.com/caselaws?id=218040 The Income Tax Appellate Tribunal (ITAT) remanded the case back to the Assessing Officer (AO) for further examination regarding the disallowance under section 40A(3) of the IT Act, 1961 for cash payments exceeding Rs.20,000 made by the assessee in the trading of Gold & Silver Jewellery for the assessment year 2006-07. The ITAT directed the AO to verify commercial expediency and transaction history, providing specific instructions for assessment and allowing the assessee to contest the extent of disallowance. Relief on interest levies was also granted, with the appeal treated as allowed for statistical purposes. en-us Thu, 24 May 2012 00:00:00 +0530 Thu, 01 Nov 2012 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218040 The Income Tax Appellate Tribunal (ITAT) remanded the case back to the Assessing Officer (AO) for further examination regarding the disallowance under section 40A(3) of the IT Act, 1961 for cash payments exceeding Rs.20,000 made by the assessee in the trading of Gold & Silver Jewellery for the assessment year 2006-07. The ITAT directed the AO to verify commercial expediency and transaction history, providing specific instructions for assessment and allowing the assessee to contest the extent of disallowance. Relief on interest levies was also granted, with the appeal treated as allowed for statistical purposes. Case-Laws Income Tax Thu, 24 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218040