https://www.taxtmi.com/caselaws?id=336595 The Tribunal upheld the CIT(A)'s orders disallowing Rs. 13,11,455 under section 40A(3) of the Income Tax Act, 1961, for cash payments exceeding Rs. 20,000, and disallowing Rs. 14,74,982 loss on the sale of fenders. The Tribunal found that the assessee failed to meet the exceptions specified in Rule 6DD for cash payments and did not provide sufficient evidence to support the claimed loss on the sale of fenders, determining that the fenders were not purchased for trading purposes but for rental income. en-us Fri, 28 Oct 2016 00:00:00 +0530 Fri, 23 Dec 2016 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336595 The Tribunal upheld the CIT(A)'s orders disallowing Rs. 13,11,455 under section 40A(3) of the Income Tax Act, 1961, for cash payments exceeding Rs. 20,000, and disallowing Rs. 14,74,982 loss on the sale of fenders. The Tribunal found that the assessee failed to meet the exceptions specified in Rule 6DD for cash payments and did not provide sufficient evidence to support the claimed loss on the sale of fenders, determining that the fenders were not purchased for trading purposes but for rental income. Case-Laws Income Tax Fri, 28 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336595