https://www.taxtmi.com/caselaws?id=4509 The court upheld the disallowance of cash payments exceeding the prescribed limit under section 40A of the Income-tax Act, emphasizing the importance of genuine transactions and preventing misuse of undisclosed income. The assessee's argument that payments were below Rs. 10,000 individually but combined to exceed the limit was rejected. The court stressed the need for traceable and verifiable transactions to curb black money circulation, citing previous judgments supporting payment regulations. The judgment favored the Revenue, highlighting the significance of adherence to financial regulations and preventing fraudulent practices in transactions. en-us Wed, 02 Jan 2008 00:00:00 +0530 Mon, 13 Jun 2011 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4509 The court upheld the disallowance of cash payments exceeding the prescribed limit under section 40A of the Income-tax Act, emphasizing the importance of genuine transactions and preventing misuse of undisclosed income. The assessee's argument that payments were below Rs. 10,000 individually but combined to exceed the limit was rejected. The court stressed the need for traceable and verifiable transactions to curb black money circulation, citing previous judgments supporting payment regulations. The judgment favored the Revenue, highlighting the significance of adherence to financial regulations and preventing fraudulent practices in transactions. Case-Laws Income Tax Wed, 02 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4509