https://www.taxtmi.com/caselaws?id=331258 The appeal was partly allowed. The disallowance under Section 40A(3) of the Income Tax Act was upheld, with the Tribunal emphasizing that genuine transactions must comply with the section unless falling under specific exceptions. The issues concerning additional compensation and the Rs. 16 lakhs addition were remanded to the Assessing Officer for further verification. The addition of Rs. 28 lakhs was dismissed as not pressed. en-us Fri, 17 Jun 2016 00:00:00 +0530 Thu, 18 Aug 2016 08:11:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331258 The appeal was partly allowed. The disallowance under Section 40A(3) of the Income Tax Act was upheld, with the Tribunal emphasizing that genuine transactions must comply with the section unless falling under specific exceptions. The issues concerning additional compensation and the Rs. 16 lakhs addition were remanded to the Assessing Officer for further verification. The addition of Rs. 28 lakhs was dismissed as not pressed. Case-Laws Income Tax Fri, 17 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331258