https://www.taxtmi.com/caselaws?id=237092 The Tribunal upheld the CIT(A)'s decision in the case involving M/s. Magnificent Construction Pvt. Ltd. and M/s. Zoom Reality Projects Pvt. Ltd., confirming that the disallowance under Section 40A(3) of the Income-tax Act was unjustified as payments were made through banking channels, not in cash. Regarding payments to M/s. Parker & Parker Associates, the Tribunal directed disallowance only in the year claimed as an expenditure. Additionally, the Tribunal confirmed the additions for deemed dividend under Section 2(22)(e) and set aside the deletion of an addition under Section 69 for undisclosed investment in land, remanding the matter for fresh consideration by the AO. en-us Thu, 07 Jun 2012 00:00:00 +0530 Wed, 18 Sep 2013 05:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237092 The Tribunal upheld the CIT(A)'s decision in the case involving M/s. Magnificent Construction Pvt. Ltd. and M/s. Zoom Reality Projects Pvt. Ltd., confirming that the disallowance under Section 40A(3) of the Income-tax Act was unjustified as payments were made through banking channels, not in cash. Regarding payments to M/s. Parker & Parker Associates, the Tribunal directed disallowance only in the year claimed as an expenditure. Additionally, the Tribunal confirmed the additions for deemed dividend under Section 2(22)(e) and set aside the deletion of an addition under Section 69 for undisclosed investment in land, remanding the matter for fresh consideration by the AO. Case-Laws Income Tax Thu, 07 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237092