https://www.taxtmi.com/caselaws?id=185578 The HC ruled in favor of the assessee, affirming the Tribunal's decision. The Court concluded that section 40A(3) of the Income-tax Act, 1961, did not apply to cash payments of Rs. 2,500 or less made on the same day, treating them as independent transactions. The Court dismissed the revenue's appeal and the assessee's cross-objection, agreeing with the Tribunal's application of legal principles and the Orissa HC's precedent. Payments made after banking hours and those deposited directly into payees' bank accounts were also deemed compliant with the Act. en-us Thu, 12 Jul 2007 00:00:00 +0530 Tue, 06 Feb 2024 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185578 The HC ruled in favor of the assessee, affirming the Tribunal's decision. The Court concluded that section 40A(3) of the Income-tax Act, 1961, did not apply to cash payments of Rs. 2,500 or less made on the same day, treating them as independent transactions. The Court dismissed the revenue's appeal and the assessee's cross-objection, agreeing with the Tribunal's application of legal principles and the Orissa HC's precedent. Payments made after banking hours and those deposited directly into payees' bank accounts were also deemed compliant with the Act. Case-Laws Income Tax Thu, 12 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185578