https://www.taxtmi.com/caselaws?id=337869 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decisions on all three issues. The additions of unverifiable sundry creditors and interest corresponding to outstanding debtors were deleted due to lack of concrete evidence. The disallowance of cash payments under section 40A(3) was also ruled in favor of the assessee as there was no proof of exceeding the threshold. The Tribunal emphasized the assessee's compliance with the Income Tax Act and the absence of adverse evidence to support the AO's claims. en-us Fri, 06 Jan 2017 00:00:00 +0530 Wed, 18 Jan 2017 09:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337869 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decisions on all three issues. The additions of unverifiable sundry creditors and interest corresponding to outstanding debtors were deleted due to lack of concrete evidence. The disallowance of cash payments under section 40A(3) was also ruled in favor of the assessee as there was no proof of exceeding the threshold. The Tribunal emphasized the assessee's compliance with the Income Tax Act and the absence of adverse evidence to support the AO's claims. Case-Laws Income Tax Fri, 06 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337869