https://www.taxtmi.com/caselaws?id=179076 The Tribunal upheld the CIT(A)'s decision to disallow Rs. 6 lakhs under Section 40A(3) of the Income-tax Act for a cash payment of Rs. 30 lakhs made for land purchase, considering it part of the stock-in-trade of the real estate business. The Tribunal emphasized the importance of adhering to Section 40A(3) to restrict cash payments for trading goods, despite the absence of the transaction in the profit and loss account. The decision, pronounced on 12th April 2013, confirmed the disallowance related to stock-in-trade cash payment. en-us Fri, 12 Apr 2013 00:00:00 +0530 Fri, 19 May 2017 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179076 The Tribunal upheld the CIT(A)'s decision to disallow Rs. 6 lakhs under Section 40A(3) of the Income-tax Act for a cash payment of Rs. 30 lakhs made for land purchase, considering it part of the stock-in-trade of the real estate business. The Tribunal emphasized the importance of adhering to Section 40A(3) to restrict cash payments for trading goods, despite the absence of the transaction in the profit and loss account. The decision, pronounced on 12th April 2013, confirmed the disallowance related to stock-in-trade cash payment. Case-Laws Income Tax Fri, 12 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179076