https://www.taxtmi.com/caselaws?id=185983 The High Court held that the ITAT's decision on disallowance under Section 40A(3) was incorrect, siding with the CIT's revision under Section 263. The Court found the Assessing Officer's failure to apply Section 40A(3) as prejudicial to revenue's interest, setting aside the ITAT's order. The Court ruled in favor of the revenue, allowing their appeal and affirming the CIT's revision to include disallowance under Section 40A(3) in the assessment. en-us Tue, 26 Jul 2016 00:00:00 +0530 Sat, 13 May 2017 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185983 The High Court held that the ITAT's decision on disallowance under Section 40A(3) was incorrect, siding with the CIT's revision under Section 263. The Court found the Assessing Officer's failure to apply Section 40A(3) as prejudicial to revenue's interest, setting aside the ITAT's order. The Court ruled in favor of the revenue, allowing their appeal and affirming the CIT's revision to include disallowance under Section 40A(3) in the assessment. Case-Laws Income Tax Tue, 26 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185983