https://www.taxtmi.com/caselaws?id=328507 The ITAT allowed the assessee's appeal, reversing the disallowance of Rs. 2,15,47,820/- under Section 40A(3) of the Income Tax Act. The tribunal emphasized business expediency and the genuineness of transactions, aligning with favorable judicial precedents. The ITAT highlighted that the object of Section 40A(3) was to curb tax evasion, which was not applicable as transactions were verified and genuine. The consideration of provisions under Sections 144/145 of the Income Tax Act was briefly addressed, with the focus primarily on the Section 40A(3) disallowance. en-us Wed, 01 Jun 2016 00:00:00 +0530 Mon, 06 Jun 2016 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328507 The ITAT allowed the assessee's appeal, reversing the disallowance of Rs. 2,15,47,820/- under Section 40A(3) of the Income Tax Act. The tribunal emphasized business expediency and the genuineness of transactions, aligning with favorable judicial precedents. The ITAT highlighted that the object of Section 40A(3) was to curb tax evasion, which was not applicable as transactions were verified and genuine. The consideration of provisions under Sections 144/145 of the Income Tax Act was briefly addressed, with the focus primarily on the Section 40A(3) disallowance. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328507