https://www.taxtmi.com/caselaws?id=338015 The Tribunal partly allowed the appeal, directing reassessment of disallowances under section 40A(3) and restricting expense disallowance to cash payments only. The addition of notional interest was deleted, emphasizing no cost to the company. The Tribunal clarified that disallowances under section 40A(3) should be based on individual payments exceeding the limit. The disallowance of expenses due to lack of supporting bills was reduced to 7% for cash payments only. en-us Wed, 18 Jan 2017 00:00:00 +0530 Mon, 23 Jan 2017 08:55:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338015 The Tribunal partly allowed the appeal, directing reassessment of disallowances under section 40A(3) and restricting expense disallowance to cash payments only. The addition of notional interest was deleted, emphasizing no cost to the company. The Tribunal clarified that disallowances under section 40A(3) should be based on individual payments exceeding the limit. The disallowance of expenses due to lack of supporting bills was reduced to 7% for cash payments only. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338015