https://www.taxtmi.com/caselaws?id=264795 The Appellate Tribunal ruled in favor of the appellant in an income tax dispute for the assessment year 2008-09. The disallowance under section 40A(3) for payments exceeding Rs. 20,000 was set aside as the purchases were genuine and necessitated by the absence of a bank account. Additionally, the disallowance of interest on an interest-free loan was overturned due to insufficient examination of the source of funds. The matter was remanded for further assessment. The Tribunal stressed the importance of considering business expediency and funding sources in such cases. en-us Fri, 17 Oct 2014 00:00:00 +0530 Sat, 03 Oct 2015 11:37:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264795 The Appellate Tribunal ruled in favor of the appellant in an income tax dispute for the assessment year 2008-09. The disallowance under section 40A(3) for payments exceeding Rs. 20,000 was set aside as the purchases were genuine and necessitated by the absence of a bank account. Additionally, the disallowance of interest on an interest-free loan was overturned due to insufficient examination of the source of funds. The matter was remanded for further assessment. The Tribunal stressed the importance of considering business expediency and funding sources in such cases. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264795