https://www.taxtmi.com/caselaws?id=248341 The ITAT Kolkata confirmed the disallowance under section 40A(3) of the Income-tax Act for cash payments exceeding prescribed limits for business purposes, dismissing the appeal. However, the ITAT allowed the entire business expenditure of Rs.80,150 under 'Subscription & Donations', overturning the disallowance of 50%. The judgment emphasized compliance with statutory provisions and specific conditions under the law, emphasizing that business expediency does not exempt from section 40A(3) provisions. en-us Mon, 08 Oct 2012 00:00:00 +0530 Tue, 10 Jun 2014 08:33:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248341 The ITAT Kolkata confirmed the disallowance under section 40A(3) of the Income-tax Act for cash payments exceeding prescribed limits for business purposes, dismissing the appeal. However, the ITAT allowed the entire business expenditure of Rs.80,150 under 'Subscription & Donations', overturning the disallowance of 50%. The judgment emphasized compliance with statutory provisions and specific conditions under the law, emphasizing that business expediency does not exempt from section 40A(3) provisions. Case-Laws Income Tax Mon, 08 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248341