https://www.taxtmi.com/caselaws?id=327183 The Tribunal dismissed the revenue's appeals, upholding the CIT(A)'s decision to delete additions towards trade creditors under Section 68 and disallow cash payments under Section 40A(3) of the Income-Tax Act. It emphasized considering business realities and transaction genuineness in making such determinations. The Tribunal supported the CIT(A)'s findings that when trading results are accepted as genuine, no additions for unexplained sundry creditors can be made under Section 68, and cash payments under business expediency should not be disallowed under Section 40A(3). en-us Thu, 31 Mar 2016 00:00:00 +0530 Thu, 05 May 2016 00:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327183 The Tribunal dismissed the revenue's appeals, upholding the CIT(A)'s decision to delete additions towards trade creditors under Section 68 and disallow cash payments under Section 40A(3) of the Income-Tax Act. It emphasized considering business realities and transaction genuineness in making such determinations. The Tribunal supported the CIT(A)'s findings that when trading results are accepted as genuine, no additions for unexplained sundry creditors can be made under Section 68, and cash payments under business expediency should not be disallowed under Section 40A(3). Case-Laws Income Tax Thu, 31 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327183