https://www.taxtmi.com/caselaws?id=241294 The Tribunal upheld the disallowance under Section 40A(3) of the Income-tax Act for both assessment years, as the assessee made payments exceeding Rs. 20,000 otherwise than by account payee cheque or bank draft to M/s. Shree Swaraj Oil Mill. The Tribunal emphasized the legislative intent to enforce compliance strictly, stating that genuineness of the transaction or payee identity does not exempt adherence to the prescribed payment mode. The appeals by the assessee were dismissed, affirming the CIT(A)'s orders confirming the disallowances. en-us Mon, 30 Sep 2013 00:00:00 +0530 Fri, 20 Dec 2013 05:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241294 The Tribunal upheld the disallowance under Section 40A(3) of the Income-tax Act for both assessment years, as the assessee made payments exceeding Rs. 20,000 otherwise than by account payee cheque or bank draft to M/s. Shree Swaraj Oil Mill. The Tribunal emphasized the legislative intent to enforce compliance strictly, stating that genuineness of the transaction or payee identity does not exempt adherence to the prescribed payment mode. The appeals by the assessee were dismissed, affirming the CIT(A)'s orders confirming the disallowances. Case-Laws Income Tax Mon, 30 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241294