https://www.taxtmi.com/caselaws?id=270567 The Tribunal allowed the appeal of the assessee, deleting the disallowances totaling Rs. 1,14,52,363 under Section 40A(3) of the Income Tax Act, 1961. The Tribunal found the cash payments to be genuine and in accordance with the exceptions provided in Rule 6DD, emphasizing that the section aims to prevent tax evasion and promote banking habits, not to disallow legitimate transactions. The Tribunal referred to relevant judicial precedents supporting the allowance of genuine and bona fide transactions under Section 40A(3). en-us Wed, 18 Nov 2015 00:00:00 +0530 Sat, 09 Jan 2016 17:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270567 The Tribunal allowed the appeal of the assessee, deleting the disallowances totaling Rs. 1,14,52,363 under Section 40A(3) of the Income Tax Act, 1961. The Tribunal found the cash payments to be genuine and in accordance with the exceptions provided in Rule 6DD, emphasizing that the section aims to prevent tax evasion and promote banking habits, not to disallow legitimate transactions. The Tribunal referred to relevant judicial precedents supporting the allowance of genuine and bona fide transactions under Section 40A(3). Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270567