https://www.taxtmi.com/caselaws?id=267194 The Tribunal partially allowed the appeal filed by the assessee, ruling in favor of the assessee regarding the violation of section 40A(3) due to exceptional circumstances surrounding the cash payments made to the supplier. The Tribunal emphasized the importance of direct bank payments for traceability and compliance with section 40A(3) objectives, ultimately leading to the deletion of the disallowance. Additionally, the minor amount discrepancy in ledger accounts was dismissed by the assessee. The judgment provided a thorough analysis of legal provisions and factual considerations to support its decision. en-us Fri, 28 Aug 2015 00:00:00 +0530 Mon, 02 Nov 2015 23:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267194 The Tribunal partially allowed the appeal filed by the assessee, ruling in favor of the assessee regarding the violation of section 40A(3) due to exceptional circumstances surrounding the cash payments made to the supplier. The Tribunal emphasized the importance of direct bank payments for traceability and compliance with section 40A(3) objectives, ultimately leading to the deletion of the disallowance. Additionally, the minor amount discrepancy in ledger accounts was dismissed by the assessee. The judgment provided a thorough analysis of legal provisions and factual considerations to support its decision. Case-Laws Income Tax Fri, 28 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267194